Private costs are
A) external costs borne by private firms.
B) explicit costs rather than implicit costs.
C) costs borne by private members of society rather than governmental bodies.
D) costs borne solely by the individuals who incur them.
D
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Which of the following would cause a positive change in quantity demanded?
a. A rise in supply. b. A fall in supply. c. A rise in demand. d. A fall in demand.
The meaning of interdependence in a monopolistically competitive market is
A) that it is difficult for firms to get together to collude. B) that products produced by firms will be good substitutes. C) that firms will not take into account the reaction of rival firms. D) that price rigging commonly occurs.
Suppose the real GDP is in equilibrium at full employment and the MPC is .80. If government wants to increase its purchase of goods and services by $16 billion without changing equilibrium real GDP, taxes should be
A. reduced by $20 billion. B. increased by $16 billion. C. reduced by $16 billion. D. increased by $20 billion.
If U.S. net exports are positive, then net capital outflow is
a. positive, so foreign assets bought by Americans are greater than American assets bought by foreigners. b. positive, so American assets bought by foreigners are greater than foreign assets bought by Americans. c. negative, so foreign assets bought by Americans are greater than American assets bought by foreigners. d. negative, so American assets bought by foreigners are greater than foreign assets bought by Americans.