The positive externality associated with education is:
A. producers can get higher prices for their goods and services.
B. less crowding in the classrooms.
C. increases in societal well-being and economic growth.
D. technological progress slows as basic research increases.
Answer: C
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The above table gives real GDP and the aggregate expenditure schedule. Equilibrium real GDP is
A) $11 billion. B) $12 billion. C) $10 billion. D) $14 billion. E) $13 billion.
Figure 7-2
In Figure 7-2, at an output of 500, marginal cost equals
A. 10. B. 20. C. 30. D. 40.
Which of the following countries did not adopt the euro as their currency?
A) Greece B) Belgium C) Great Britain D) Finland
The economy’s self-correcting mechanism
A. tends to push unemployment toward a specific point called the natural rate of unemployment. B. works better at correcting inflationary gaps than recessionary gaps. C. cannot work if the Phillips curve is vertical. D. ensures that the economy will not have to endure a long period of high unemployment.