An example of a negative externality is:
A. smell of a pizza shop making pizza.
B. the traffic created by a city hosting a popular event.
C. people getting flu shots during flu season.
D. All of these are examples of negative externalities.
Answer: B
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
The slope of an indifference curve at all points reflects
A. the terms by which the consumer can trade off goods in the market. B. the relative prices of the two goods. C. the willingness of the consumer to trade one good for another. D. consumer income relative to the price of a good. E. the relative price ratio of the two goods.
The "Made in the USA" campaign was popularized by unions in an effort to influence which determinant of demand?
A. Incomes B. Preferences C. Expectations of future prices D. Prices of related goods
Between 1921 and 1929 national output
A. declined slightly. B. stayed about the same. C. rose slightly. D. rose by about 50%.