A quality-of-life innovation generates ________ externalities or reduces ________ externalities.
A. revenue; cost
B. positive; negative
C. marginal; average
D. network; out-of-network
Answer: B
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Keynesian economists argue that the automatic adjustment of wages and prices in the macro economy is quite rapid
a. True b. False Indicate whether the statement is true or false
Real income in yearX equal to:
a. x 100 b. c. x 100 d. yearX nominal income x CPI.
To help reduce the price level, the government could:
A. run budget deficits. B. decrease taxes. C. increase government spending. D. run budget surpluses.
Restricting imports
A. can protect United States final goods and services in the protected industry and increase economic welfare of the country as a whole. B. can protect United States jobs in the protected industry but will also lead to reductions in U.S. output and income. C. can protect United States jobs in the protected industry, which increases economic welfare of the country as a whole. D. can protect United States final goods and services in the protected industry and makes consumers better off.