________ is a cost or benefit resulting from some activity or transaction that is imposed or bestowed on parties outside the activity or transaction.
A. A provisional injunction
B. Marginality
C. Utility
D. An externality
Answer: D
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
If the dollar depreciates relative to the Peso, it can be said that
a. Mexican citizens no longer respect the United States. b. the dollar falls in value within the United States. c. it takes fewer dollars to buy Pesos. d. the Peso appreciates relative to the dollar.
People take fewer trips by airplane when their incomes fall because of a recession. Trips by airplane must be
A) a normal good. B) an inferior good. C) a substitute for other goods. D) a complement to other goods. E) an inelastic good.
If a positive externality results from the consumption of higher education, then the marginal benefit students receive from education:
a. equals the marginal social benefit b. is less than the marginal social benefit. c. includes the marginal external benefit. d. exceeds the marginal social benefit.