Productive efficiency implies
A) the possibility of gains in one area without losses in another.
B) that more output has been produced.
C) the impossibility of gains in one area without losses in another.
D) that prices are stable.
E) c and d
C
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To measure GDP by using the income approach, we must add all incomes and then ________ depreciation and ________ net taxes less subsidies
A) add; neither add nor subtract B) add; add C) add; subtract D) subtract; add E) neither add nor subtract; add
For a linear demand curve, where is the amount of total expenditures on a good maximized?
What will be an ideal response?
Which of the following is true of U.S. net exports prior to the 1960s?
a. Since most of the oil needs of the U.S. were met through imports, imports exceeded exports prior to the 1960s in the U.S. b. Prior to the 1960s, exports from the U.S. more or less equalled imports into the U.S. c. The U.S. was running a trade surplus prior to the 1960s. d. Prior to the 1960s, the U.S. ran twin deficits- both a current account deficit as well as a budget deficit. e. Since the U.S. dollar was overvalued prior to the 1960s, the U.S. neither exported nor imported any goods and services.
Who is affected by externalities? Those receiving external benefits differ from those incurring external costs in that external benefits are associated with
a. government intervention b. market failure c. unclear property rights d. third parties e. free riders