What is the level (or scale) of measurement for Zip Code? Your answer should contain only one word. Zip Code, Age and Number of Dogs by Person in Petland Person Zip Code Number Age of Dogs Ann 402 20 0 Bill 805 35 55 2 Carmelo 805 40 5 Dan 402 50 1 Eric 402 20 20 Ferdinand 402 35 55 3 3 Gert 402 20 2 Homer 402 20 0 In-choi 805 100 3 Jimmy 805 60 1

What is an externality?

In what ways (it) company investments in research and development create positive externalities?

Can extreme levels of pollution hurt the economic development of a high-income country? Why or why not?

Think back to a purchase that you made recently. How would you describe your thinking before you made that purchase?

A city currently emits 15 million gallons (MG) of raw sewage into a lake that is beside the city. Table 12.13 shows the total costs (TC) in thousands of dollars of cleaning up the sewage to different levels, together with the total benefits (TB) of doing so. Benefits include environmental, recreational, health, and industrial benefits. Using the information in Table 12.13 calculate the marginal costs and marginal benefits of reducing sewage emissions for this City. What is the optimal level of sewage for this city? How can you tell?

To ensure safety and efficacy, the Food and Drug Administration regulates the medicines that pharmacies are allowed to sell in the United States. Sometimes this means a company must test a drug for years before it can reach the market. We can easily identify the winners. in this system as those who are protected from unsafe drugs that might otherwise harm them. Who ate the more anonymous losers who suffer from strict medical regulations?

What are some ways a seller of labor (that is, someone looking for a job) might reassure a possible employer who is faced with imperfect information?

What are the three problems that economists have noted with regard to command-and-control regulation?

What is command-and-control environmental regulation?