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In this file of ECO 450 Week 5 Mid Term you can find:
If the economy is operating at full employment and using resources efficiently, then an increase in spending for homeland security this year will:
Following the circular flow of a mixed economy, firms receive a flow of dollars from and send goods and services to:
In 2008, which country listed below has the highest percentage of government spending relative to GDP?
Federal government expenditures in the United States account for about:
A mixed economy is one in which:
The extra benefit on one more unit of a good or service is its:
Normative economics is:
Diamonds are sold by a monopoly firm that maximizes profits. Then it follows that:
If the efficient output of a good is produced each week, then the:
The current competitive market price of fish is $3 per pound. A chemical producer emits effluent into a lake used by a commercial fishing firm. Each ton of chemical output causes a 20-pound reduction in the annual catch of the fishing firm. Assuming that transactions costs are zero and the chemical firm has the legal right to dump effluent into the lake,
Assuming a product can be manufactured competitively without any externalities at an efficient quantity of 500 units and an efficient price of $150.00 per unit, what efficient quantity-price net subsidy combination would be consistent with a corrective subsidy for a positive externality?
If a positive externality prevails in the market for smoke detectors, then when the market is in equilibrium,
The competitive market equilibrium price of sanitation services in a small town with no government-supplied sanitation services is $2 per trash pickup. There is a $1 marginal external benefit associated with each trash pickup. The elasticity of supply of trash pickups is infinite in the long run, implying a horizontal supply curve. To achieve the efficient output of sanitation services,
According to the Coase theorem, externalities can be internalized when transactions costs are zero through:
Cable TV programming is an example of a:
The marginal cost of making a given quantity of a congestible public good available to more con
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