The term "transportation revolution" implies:
a. binding the East and West politically.
b. binding the East and West economically.
c. rapidly introduced technological innovations.
d. All of the above are implied.
d. All of the above are implied.
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The focus of the short-run macro model is on the role of
a. spending in explaining economic fluctuations b. labor in explaining economic fluctuations c. financial markets in explaining economic fluctuations d. output in explaining economic fluctuations e. resources in explaining economic fluctuations.
Which of the following is often referred to as the basic postulate of economics?
What will be an ideal response?
Should regular saving be an item in your personal budget?
What will be an ideal response?
Suppose there are two factories on a river, and both need clean water for their production processes. The upstream factory takes in clean water and dumps dirty water back into the river. The downstream firm must clean up the water it gets from the river
before using it. In this situation A) the private costs of the downstream factory are more than the private costs of the upstream factory, but for both factories private costs and social costs are the same. B) the social costs are greater than the private costs for the upstream firm, while the social costs are less than the private costs for the downstream firm. C) the upstream factory's private costs are less than its social costs, and its external costs are borne by the downstream factory. D) the internal costs of the upstream factory are externalized by the downstream factory, which then passes them on to its customers.