Refer to the above figure. The marginal benefit of pollution abatement is curve
A. (1).
B. (2).
C. (3).
D. (4).
Answer: D
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You have just bought a used car, and drive away satisfied that you've made a good deal on the purchase. What would an economist say about your "gain" on the deal?
a. Your gain has clearly meant that the seller lost on the deal. b. The seller has clearly gained, and you have actually lost on the deal. c. Both you and the seller have gained something. d. If your gain is too large, then the deal should be re-negotiated. e. If the seller's loss is too large, then the deal should be re-negotiated.
If a sandwich shop produces zero sandwiches, which of the following costs will it still incur?
A. Rented storefront B. Sandwich ingredients C. Employee's wages D. None of these costs will be incurred if they no longer make sandwiches.
A country's factors of production include its:
a. capital. b. natural resources. c. labor, capital, and natural resources. d. labor.
Most economists believe that property taxes:
A. Should be eliminated B. Are progressive C. Are regressive D. Should become an important source of revenue for the Federal government