Which of the following best defines the situation where one firm's research yields knowledge that is used by society as a whole?
a. social cost
b. opportunity cost of technology
c. internalization of an externality
d. technology spillover
d
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Refer to the table above. The capital and financial account balance is
A) $190 billion. B) $200 billion. C) -$190 billion. D) -$200 billion. E) $1,900 billion.
Refer to Table 2-9. What is Thailand's opportunity cost of producing one pound of rice?
A) 60 wristwatches B) 20 wristwatches C) 5 wristwatches D) 0.05 units of a wristwatch
Suppose your expenses for this term are as follows: tuition: $12,000, room and board: $6,500, books and other educational supplies: $1,500
Further, during the term, you can only work part-time and earn $3,500 instead of your full-time salary of $14,000. What is the opportunity cost of going to college this term, assuming that your room and board expenses would be the same even if you did not go to college? A) $13,500 B) $20,000 C) $24,000 D) $30,500
The Coase solution to the problem of externalities
a. applies in every situation where externalities are present b. only applies to activities that generate positive externalities c. only works under perfect competition d. only works when bargaining costs are low e. can lead to an increase in the common pool problem