Which of the following is an example of a positive externality? ?
A. ? A firm emits pollution into the air, harming members of society.
B. ?An auto body shop makes a lot of noise, reducing the property values of nearby homes.
C. ?A coastal dairy farmer's undeveloped land offers unimpeded views of the ocean for a nearby neighborhood.
D. ?You go to a store and pay $0.65 for a candy bar that you then eat.
Answer: C
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In a perfectly competitive market, technological advances bring ________ economic profits for producers and ________ lower prices for consumers
A) permanent; permanently B) permanent; temporarily C) temporary; permanently D) temporary; temporarily
Which of the following practices is not prohibited by the Clayton Act?
a. merger through the acquisition of assets, which substantially lessens competition b. price discrimination that substantially lessens competition c. tying contracts that substantially lessen competition d. exclusive dealing that substantially lessens competition e. interlocking directorates that substantially lessen competition
Discouraged workers are people who have:
A. not looked for work in over a year because of the condition of the labor market. B. not looked for work in the past year but would take a job if one was offered to them. C. looked for work in the past year but decided to leave the labor market to go back to school, retire, or be a stay-at-home parent. D. looked for work in the past year but have given up looking because of the condition of the labor market.
During periods of unemployment
A. the production possibilities curve shifts inward. B. the economy operates at a point outside the production possibilities curve. C. the economy operates at a point inside the production possibilities curve. D. the production possibilities curve shifts outward.