Which of the following is NOT an example of an externality?
A. The development of a vaccine for preventing flu.
B. Acid rain that destroys forest land throughout the Midwest.
C. Gas prices that doubled between 1998 and 1999.
D. A factory that dumps dangerous chemicals into the Hudson River.
C. Gas prices that doubled between 1998 and 1999.
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In most business situations where firms compete, often they can escape the prisoner's dilemma and reach the most profitable outcome. Which of the following is a reason for this?
A) Most games are repeated games and firms can employ retaliation strategies against those who do not cooperate. B) Most games are one-shot games so firms learn from their mistakes. C) Firms are constantly improving their products and anticipating changing consumer tastes. D) Firms engage in aggressive advertising to overcome the barriers to loyalty.
At what rate is GDP growth reported?
a. monthly, at an annualized rate b. quarterly, at a quarterly rate c. monthly at a quarterly rate d. quarterly, at an annualized rate
Which statement is true?
A. Poverty has been a problem only since 1933. B. Poverty cannot be inherited. C. There are more poor Americans today than at any other time in our history. D. Poverty is less of a problem today than it was in the early 1960s.
The recession of 2007-2009 made many consumers pessimistic about their future incomes. How does this increased pessimism affect the aggregate demand curve?
A) This will move the economy up along a stationary aggregate demand curve. B) This will move the economy down along a stationary aggregate demand curve. C) This will shift the aggregate demand curve to the left. D) This will shift the aggregate demand curve to the right.