Pollution is a form of market failure called a negative externality
a. True
b. False
A
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From the 1960s to 2014, transfer payments
A) have declined by half as a percentage of total federal government expenditures. B) have risen from 25 percent to about 48 percent of federal government expenditures. C) remained the same percentage of total federal government expenditures. D) have grown very slowly as a percentage of total federal government expenditures.
Half of American recessions since the early 1950s have been caused at least in part by rapid increases in oil prices
a. True b. False
Common resources are those that are:
a. excludable and rivalrous. b. excludable and nonrivalrous. c. nonexcludable and nonrivalrous. d. nonexcludable and rivalrous.
Economic theory suggests that the standard of living of American workers would fall if the
a. knowledge and skills of workers improved, reducing the need for workers. b. United States had more natural resources. c. United States turned to more automated methods of production. d. productivity of American workers declined.