Which of the following produces external benefits?
A. College students getting vaccinated against the flu.
B. Passive smoke in a public building.
C. Garbage dumped in the Atlantic Ocean.
D. All of the choices are correct.
Answer: A
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Monetarists have received this label because they emphasize the role of the
A. money supply in determining aggregate supply. B. money supply in determining nominal GDP. C. Fed in making monetary policy. D. money supply in determining interest rates and investment.
A dominant firm's residual demand curve is
A) the horizontal difference between the market demand curve and the supply curve of the fringe firms. B) the vertical difference between the market demand curve and the supply curve of the fringe firms. C) the demand curve left for the fringe firms after the dominant firm has determined an output level. D) None of the above.
A hidden cost fallacy can be avoided
a. by ignoring the opportunity costs to using a capital b. by ignoring the cost of capital c. by taking all capital costs into account including the cost of equity d. none of the above
A family sells the house they have lived in for two years to a friend. They received $300,000 and paid $100,000 three years ago. This transaction
A. increases GDP by $200,000. B. has no effect on GDP because the house was not built this year. C. increases GDP by $100,000. D. has no effect on GDP because the buyer is the family's friend.