An example of a beneficial externality is
a. airport noise.
b. a blooming curbside bed of violets.
c. pollution of a fishing lake.
d. freeway congestion.
b
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Given the production possibility curve shown below, the opportunity cost of listening to each additional album when moving from point B to point A is on average:
A. 1 article. B. 3 articles. C. 2 articles. D. 1/2 article.
This graph demonstrates the domestic demand and supply for a good, as well as a quota and the world price for that good.
As shown in the graph, when a government imposes a quota, the outcome differs from that of a tariff being imposed in that area:
A. G represents quota rents instead of tax revenues. B. F and H are deadweight loss instead of transferred surplus. C. FGH is deadweight loss instead of tax revenues. D. E represents tax revenues instead of transferred surplus.