External costs
A) are borne by the producers of a good or service.
B) are borne by government.
C) are borne by those who cannot afford to purchase the good.
D) are borne by those who do not produce the good or service.
D
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When considering imports and exports, economists include the ________ as a component of the GDP
A) net exports B) total imports C) gross exports D) total exports
The median voter theorem states that:
A. if voters have multi-peaked preferences, all of them prefer the median ideal policy. B. if voters have single-peaked preferences, none of them prefer the median ideal policy. C. if voters have single-peaked preferences, a majority of them prefer the median ideal policy to all other policies. D. if voters have multi-peaked preferences, a majority of them prefer the median of those preferences.
Under the IMF fixed exchange rate system, a nation running a balance of payments deficit would have an excess __________ its currency in the foreign exchange market and that nation's central bank would have to __________ some of its currency to
maintain the fixed exchange rate. A) supply of; buy B) supply of; sell C) demand for; buy D) demand for; sell
Opportunity cost is defined
a. only in terms of money spent b. as the value of all alternatives not chosen c. as the value of the best alternative not chosen d. as the difference between the benefits from a choice and the benefits from the next best alternative e. as the difference between the benefits from a choice and the costs of that choice