Goods and services bought domestically but produced in other countries are referred to as
A) exports.
B) imports.
C) transfer payments.
D) foreign consumption.
Answer: B
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The cost of producing an additional unit of a good or service that falls on people other than the producer is the marginal
A) external cost. B) private cost. C) social cost. D) social benefit. E) None of the above answers is correct.
The price elasticity of demand for gasoline is 0.40. If the price of gasoline rises by 20 percent, there will be
A) a decrease of more than 20 percent in the quantity of gasoline demanded. B) an increase in the total revenue received from the sale of gasoline. C) a loss of total revenue for gasoline producers, because at a higher price the quantity of gasoline demanded decreases. D) no change in the quantity of gasoline sold because people need gasoline.