The Apple iPhone is sold in a box labeled "Made in China." A study by economists at the Asian Development Bank found the value of the iPhone components China ________ U.S. firms is ________ the value of assembling the iPhones in Chinese factorie
A) imports from; less than B) imports from; greater than
C) exports to; greater than D) exports to; equal to
B
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Externalities occur
A) only when a person acts out of greed. B) only when a person acts out of selfish interest. C) only when a person is concerned with personal profit. D) only when the decision maker does not take into account all the benefits or costs from an action.
As applied to agriculture, the special-interest effect suggests that:
A. urban legislators support farm legislation in exchange for rural legislators supporting urban- oriented legislation. B. a relatively small number of farmers receive large benefits at the expense of a much larger group of taxpayers who individually suffer small losses. C. politicians support farm subsidies because most of the associated costs are hidden rather than explicit. D. the size of farm subsidies should vary directly with a farmer's earned income.