Inflation is a rise in
A. the general level of prices over time.
B. unemployment over time.
C. real GDP over time.
D. the standard of living over time.
Answer: A
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Negative externalities might be reduced by creating new rights, which we would describe as ________
A) adjudication B) remuneration C) legislation D) substantiation E) reparation
When a tax is imposed on buyers, consumer surplus decreases but producer surplus increases
a. True b. False Indicate whether the statement is true or false
In the presence of a negative externality, a specific tax can achieve the social optimum because
A) output is reduced to zero as a result. B) it internalizes the external cost. C) it directly charges the producer for polluting. D) the price of the good rises by the full amount of the tax.
Refer to the information provided in Figure 6.2 below to answer the question(s) that follow.
Figure 6.2Refer to Figure 6.2. Assume Mr. Lingle is on budget constraint AC. If the price of a gardenburger is $6, Mr. Lingle's monthly income is
A. $24. B. $60. C. $200. D. $240.