Reference no: EM13859919
1. A competitive, unregulated market would
A. Produce too much pollution because pollution is an external cost.
B. Produce too little education because education has an external benefit.
C. Fail to achieve equilibrium if there are externalities present.
D. Both answers A and B are correct.
E. Both answers B and C are correct.
2. Utility is the
A. Benefit or satisfaction that a person gets from the consumption of a good or service.
B. Measure of how useful a resource is in the production process.
C. Measure of productivity associated with a good or service.
D. Economic term for consumption possibilities.
E. Economic term for how changes in price affect a consumer's purchases.
3. Externalities
A. Can be either benefits or costs.
B. Always create extra social costs.
C. Always make society better off.
D. Cannot be expressed in dollar amounts.
|
Concept of elasticity-inelastic in short run and long run
: Why is the concept of elasticity important? What does it tell economists? Tell whether you would classify automobile production as either elastic or inelastic in the short run and long run. (Keep in mind that we are talking here about supply elastici..
|
|
Implementing program of social responsibility
: The company you work for recently has committed itself to implementing a program of social responsibility. After the company has gotten the commitment of top executives, planned the program, and appointed a program director, you suggest that a (n) __..
|
|
Identify specific organizational skills
: The HRM specialists at A&C Company took the opportunity to increase productivity and decrease manual data analysis by using their microcomputer along with a commercial database management system (DBMS) to develop a __________. Now the company can rea..
|
|
Probably inspected for hazardous conditions by personnel
: When the American Telephone and Telegraph Company (AT&T) was recently building a new, multistory complex in downtown Kansas City, the work site was probably inspected for hazardous conditions by personnel from the
|
|
Competitive-unregulated market-externalities and utility
: A competitive, unregulated market would. Utility is the. Externalities
|
|
Impact of employment and unemployment in free market
: you will explain the impact of employment and unemployment in a free market economy. The country of France legislated the maximum length of a workweek. Because Americans tend to work more hours than Europeans, should the US government also legislate ..
|
|
Faced with business competition on a global scale
: Chevron Corporation is one of the largest integrated oil companies in the world. Its management is assessing the world marketplace and taking steps to sustain the company’s competitive position. Faced with business competition on a global scale, Chev..
|
|
Business cycle in government and private sector decisions
: In this discussion, you will explain the role of the business cycle in government and private sector decisions. Data on GDP and economic growth are considered lagging indicators because they report information on what is already known. Should wages a..
|
|
What is the equilibrium price and quantity of apartments
: The demand for apartments is P=1200-Q while the supply is given by P=Q units. What is the slope of the supply curve? What is the P-intercept of the supply curve? What is the slope of the demand curve? What is the P-intercept of the demand curve? What..
|