Positive externalities are created by people when they
A) add to the net real income of society.
B) are altruistic or concerned for the welfare of others.
C) benefit others without intending to do so.
D) increase the general welfare.
E) promote the happiness of others.
C
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Most economists will argue that the minimum wage causes unemployment. Even politicians will recognize this when pressed
However, typically liberals will tout the benefits of the minimum wage while conservatives will decry the disruption that it causes in the labor market. Which economic objective seems to be more important for liberals and which is more important to conservatives if this general observation is correct? Which side is right?
An individual derives utility from consuming "all other goods," g, and clean air (measured by the reduction in particulate matter per m3), a, as measured by the utility function U(g,a) = g0.6a0.4. The price of consumer goods equals $20 and the price of clean air (abatement) equals $10. What is the slope of the Engel curve when income increases from $100 to $200?
A) The slope is 25. B) The slope is -25. C) The slope is zero. D) The slope is infinite.