Which of the following might be considered a positive externality?
A) the pollination of an orange grove due to bees kept by a nearby beekeeper
B) individuals who did not get the flu, yet did not receive a flu shot when those around them did receive the shot
C) better fishing resulting from increased lake temperatures generated by the nearby power plant
D) All of the above are correct.
D
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Suppose a perfectly competitive market is in long-run equilibrium and then there is a permanent increase in the demand for that product. The new long-run equilibrium will have
A) fewer firms in the market. B) more firms in the market. C) the same number of firms in the market. D) probably a different number of firms, but it is not possible to determine if there will be more or fewer firms. E) a permanent decrease in supply.
If total output increases from $1 trillion to $2 trillion as population increases from 100 million to 200 million, then output per person:
A. remains constant. B. doubles. C. decreases D. increases, but by less than 100 percent.
At macroeconomic equilibrium,
a. total investment equals total inventories. b. total spending equals total production. c. total consumption equals total production. d. total taxes equal total transfers.
The South's economy was based on production of
A. iron, steel and textiles. B. corn, wheat and soybeans. C. tobacco, cotton and rice. D. iron, wheat and cotton.