Wants
A. is another term for needs.
B. are used by economists and refer to the same thing as needs when used by psychologists.
C. is the term used by economists instead of needs because needs are not objectively definable.
D. refer to services while needs refer to goods.
Answer: C
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Government invention is required to solve externality problems if ________
A) transaction costs associated with private negotiations are low B) the number of people affected by the externality is small C) the number of people affected by the externality is large D) property rights are clearly defined
A paint firm has just announced that it will be building a new plant in a small town that is currently experiencing a high level of unemployment. The new plant will create 500 new jobs in the area and will occupy unused land at the edge of town
The plant will also dump some harmful chemicals into the town's river. From an economic standpoint this dumping of chemicals A) is unimportant since the firm is reducing the unemployment in the region. B) creates a negative externality. C) is the production of a public good. D) creates a positive externality.
Which of the following shocks could trigger an expansion?
a. A large cut-back in military spending. b. A large increase in the price of oil. c. A sudden decrease in consumption. d. A large military buildup. e. A sudden decrease in investment.
Which of the following would be most likely to reduce the rate of unemployment?
a. a business recession b. an Internet job listing system that makes it easier to get information about job openings and available employees c. an increase in unemployment compensation benefits d. a rise in the minimum wage