Suppose you live in the suburbs and dump your garbage on your front lawn on a daily basis.
A. Your actions hurt no one but yourself.
B. Your actions constitute an external cost to your neighbors.
C. Your actions constitute an external benefit to your neighbors.
D. Your actions would not be considered a market failure.
B. Your actions constitute an external cost to your neighbors.
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Assume the table shown is for a hat factory, and shows the total production of hats given various numbers of employees. What is the marginal product of the fifth worker?
A. 40
B. 50
C. 30
D. 200
A policy change that changes the natural rate of unemployment changes
a. neither the long-run Phillips curve nor the long-run aggregate supply curve. b. both the long-run Phillips curve and the long-run aggregate supply curve. c. the long-run Phillips curve, but not the long-run aggregate supply curve. d. the long-run aggregate supply curve, but not the long-run Phillips curve.
Which of the following is a wealth effect that would most likely cause a decrease in the quantity of real GDP demanded in a nation, ceteris paribus?
a. France experiences a decrease in the general level of prices in its economy. b. South African consumers become richer following a decline in the overall price level. c. The Mexican economy experiences several years of increasing price levels. d. U.S. consumers are encouraged to spend more due to low interest rates.
Country A wants to produce more rice. Unfortunately, it will have to farm less productive land to produce this rice. This fact represents the idea of ______ returns to specialization
Fill in the blank(s) with the appropriate word(s).