The field of ________ is concerned with externalities.
A. econometric modeling
B. game theory
C. environmental economics
D. macroeconomics
Answer: C
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Which of the following describes a situation in which, as the level of production of a good or service increases, the average cost of producing each individual unit decreases?
a. Arbitrage b. Economies of scale c. Privatization d. Deindustrialization
Answer the following statement true (T) or false (F)
1) Although sleeping in on a work day or school day has an opportunity cost, sleeping late on the weekend does not. 2) An economy will always operate at some point on its production possibilities curve. 3) In drawing a particular budget line, money income and the prices of the two products are fixed. 4) The lower the consumer's income, the higher his or her budget line.
With a reserve ratio of 10%, the banking system can create ________ with each dollar of deposits.
A. $5 B. $10 C. $2 D. $1
In the above figure, Brendan originally consumes at point A. If his income falls and compact discs are a normal good but haircuts are an inferior good then he will begin consuming at a point such as
A) B. B) E. C) F. D) G.