If you dump trash in a vacant lot despite regulations against it, then you are
A) saving landfill space and creating a social benefit.
B) acting rationally and generating a positive externality.
C) avoiding the private costs associated with disposing your trash some other way and creating a social cost.
D) acting economically irrational and creating a social cost.
C
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Using the above figure, which of the following is TRUE?
A) Axis 1 is typically called the y-axis. B) Axis 1 is also known as the origin. C) Axis 2 is typically called the x-axis. D) Point b is known as the origin.
Assume, for Japan, that the domestic price of automobiles without international trade is lower than the world price of automobiles. This suggests that, in the production of automobiles,
a. Japan has a comparative advantage over other countries and Japan will import automobiles. b. Japan has a comparative advantage over other countries and Japan will export automobiles. c. other countries have a comparative advantage over Japan and Japan will import automobiles. d. other countries have a comparative advantage over Japan and Japan will export automobiles.