The impact of one person's actions on the well-being of a bystander is called
a. an economic dilemma.
b. deadweight loss.
c. a multi-party problem.
d. an externality.
d
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Which of the following statements is INCORRECT?
a. Before the 1950s, all air quality laws in the United States had been enacted at the state and local levels of government b. The first state-level law to control motor vehicle emissions was passed in Massachusetts c. The Clear Skies Act was put forth under the administration of George W. Bush d. The Clean Air Act Amendments of 1990 include some market-based policies
Figure 1.1 displays exogenous variables entering a model from which emerge endogenous variables. Yet, in the five-step process to develop an economic model, the macroeconomist specifies the endogenous variables first, then the exogenous variables
Which is the correct sequence? Explain.
The IS curve is Y = 20 - 1.5r, and the aggregate demand curve is Y = 15.5 - 0.3?. When the interest rate is 7 percent, the inflation rate is ________ percent
A) 14.6 B) 9.5 C) 3.6 D) 20 E) none of the above
Which of the following is an example of a firm's derived demand?
a. Workers with higher levels of education earn more, on average, than workers with lower levels of education. b. Factors that decrease the demand for labor will decrease the equilibrium wage. c. A tractor manufacturer's demand for assembly-line workers is inseparably linked to the supply of tractors. d. All of the above are correct.