Refer to the information provided in Figure 16.2 below to answer the question(s) that follow.
Figure 16.2Refer to Figure 16.2. The ________ imposed as a result of producing the market (unregulated) level of cars is $350.
A. marginal private cost
B. marginal social cost
C. marginal social benefit
D. total damage
Answer: D
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The "law" of demand can be best described by
A) people will buy things that they enjoy. B) if incomes rise, people will buy more. C) a rise in price will cause shortages. D) a fall in price will increase quantity demanded.
Which city currently charges drivers a "congestion toll" to drive into the heart of the city's financial, legal, and entertainment district?
a. Washington, D.C. b. Sydney c. Tokyo d. London
An open market sale of securities will tend to cause
A) a reduction in the supply of central bank money. B) a reduction in the demand for currency. C) a reduction in the demand for reserves. D) none of the above
What is the infant-industry argument for protection from international trade?
A) Domestic firms must be protected until they gain a comparative advantage. B) Any firm necessary in wartime must be protected. C) Foreign producers selling below cost to drive domestic firms bankrupt must be stopped. D) Domestic jobs must be protected from competition from low-paid foreign workers. E) Foreigners selling products in the economy limit the nation's diversity and stability.