An example of a situation in which the social costs are greater than the private costs would be
A) a new restaurant takes business away from an established restaurant.
B) hand-held calculators putting slide rule manufacturers out of business.
C) when a member of a rock band's ability to hear deteriorates from performing in so many loud concerts.
D) a physician who cannot examine patients with a stethoscope in an examination room adjacent to an airport.
D
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Which of the following would be included in Germany's GNP?
A) the production of BMWs (made by a German-based company) in South Carolina B) the production of Michelin tires made in Germany by a French company and then sold directly to French consumers C) the production of BMWs in Germany D) the production of Michelin tires made in France by a French company and then sold to BMW in Germany for use in BMW cars E) Answers A and C are correct.
Refer to Figure 15-15. The firm would maximize profit by producing
A) Q1 units. B) Q2 units. C) Q3 units. D) Q4 units.