What is required for a negative externality to occur?
A) The intention or plan to directly impose costs on others
B) The full costs of an action aren't taken into account
C) A total lack of concern for other people's welfare
D) Greed
B
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The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
For the buyer of a call option, the downside risk
A) is unlimited, but upside potential is limited. B) is limited, but upside potential is unlimited. C) and upside potential are unlimited. D) and upside potential are limited.
The theory that our population would grow too quickly relative to our food supply is associated with
A. Adam Smith. B. Karl Marx. C. Thomas Malthus. D. John Maynard Keynes.
Lana spent $5 to see a movie. We know
a. the movie was worth 500 utils. b. Lana's total utility from movies was $5. c. the movie was worth at least $5 worth of other goods. d. the movie increased marginal utility.