Which of the following would be considered a private good?   a public beach fish in the ocean a swimming suit a ferry boat ride to an island with open seating

Some costs do not vary with the quantity of output produced. Those costs are called   1.  marginal costs.   2.  average costs.   3.  fixed costs.   4.  explicit costs.

Which of the following is true of markets characterized by positive externalities without a solution? Social value exceeds private value, and market quantity exceeds the socially optimal quantity Social value is less than private value, and market quantity exceeds the socially optimal quantity Social value seldom exceeds private value; therefore, social quantity is less than private quantity Social value exceeds private value, and market quantity is less than the socially optimal quantity

If education produces positive externalities, we would expect   the government to subsidize education people to realize the benefits, which would increase the demand for education colleges to relax admission requirement the government to tax education

Once tradable pollution permits have been allocated to firms, the government controls the price of permits firms that can reduce pollution only at high cost will be willing to pay the most for the pollution permits the value of pollution-saving technology will be lower than the market value of a pollution permits the Coase theorem is no longer applicable as a solution to reducing pollution

The unique point at which the supply and demand curves intersect is called equinox equivalence equitable equilibrium

What does the Laffer Curve illustrate? 1. The relationship between inflation and unemployment. 2. The relationship between government revenue and tax rates. 3. The relationship between consumer spending and interest rates. 4. The relationship between economic growth and government spending.

Which of the following does not explain the rise in income inequality in the United States?   An increase in minimum wages An increase in the share that goes to those at the very top in an industry. Increased international trade with low-wage countries Changes in technology

Edward has just finished his brand-new house. The floor plan is shown below: a) Edward wants to give a tour of his house to a friend. Is it possible for them to walk through every doorway exactly once? If so, in which rooms must they begin and end the tour? Explain.b) After a few years, Edward decides to remodel. He would like to add some new doors between the rooms he has. Is it possible for each room to have an odd number of doors? Explain.

The philosopher John Rawls argued that   people would choose income inequality to allow the maximum use of their individual talents government has a role to ensure income equality to prevent social unrest people would choose equal opportunity because it is morally right people would choose a more equal distribution of income if they had to determine an economic distribution system before knowing their place in it