The impact of one persons actions on the well being

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Test 3 microeconomics

Question 5   1 . The impact of one person 's actions on the well - being of a bystander is called a ( n ) :
 Supply Market Externality Property Rights
Question 6   1 . What criterion could you use to determine whether a small country named " Isoland " is a net importer of oil ? The world price is below the domestic price in Isoland
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Question 8   1 . If you as an economic adviser recommend the government of Isoland ( a small country ) to allow free trade and steel to be imported from other countries , the steel industry at Isoland most likely will oppose your decision arguing :
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Question 9   1 . Which one below applies to an industry that produces a negative externality ?
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Question 10   1 . What explains that marginal cost increases as production of a product increases ?
 inreasing cost law decreasing average cost property diminishing marginal product property law of increasing marginals
Question 5 1.The impact of one person's actions on the well-being of a bystander is called a(n):SupplyMarketExternalityProperty Rights
10 points Question 6 1.What criterion could you use to determine whether a small country named "Isoland" is a net importer of oil?The world price is below the domestic price in Isoland
10 points Question 7 1.For a net importer country, a tax on imports causes:
10 points Question 8 1.If you as an economic adviser recommend the government of Isoland (a small country) to allow free trade and steel to be imported from other countries, the steel industry at Isoland most likely will oppose your decision arguing:
10 points Question 9 1.Which one below applies to an industry that produces a negative externality?the social cost and private cost are the samethe social cost exceeds the private costthe private cost exceeds the social costthe social cost is unrelated to the private cost
10 points Question 10 1.What explains that marginal cost increases as production of a product increases?

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