Externalities consist of ____________________.
A. Only external costs
B. Only external benefits
C. Both external costs and external benefits
D. None of these answers are correct.
C. Both external costs and external benefits
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An efficient allocation of resources exists if
a. one group of people can get more of the things they want without someone else having to give up anything. b. no one can get more of the things he wants without someone else having to give up something. c. the economy operates at any point under the production possibilities frontier. d. the economy is operating at any point above the production possibilities frontier.
Which of the following is most likely to happen as the result of lower real interest rates in the United States?
a. the dollar will depreciate on the foreign exchange market and imports will grow relative to exports. b. the dollar will appreciate on the foreign exchange market, and exports will grow relative to imports. c. the dollar will depreciate on the foreign exchange market, and exports will grow relative to imports. d. the dollar will appreciate on the foreign exchange market, and imports will grow relative to exports.
Based on this graph, in most years there is a ______.
a. budget surplus
b. budget deficit
c. balanced budget
d. recessionary budget
The nominal rate of interest is the difference between the real rate and the expected rate of inflation.
Answer the following statement true (T) or false (F)