In principle, a list of absolute necessities should change regularly over time
Indicate whether the statement is true or false
F
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Suppose that a tire factory produces $825,000 of output and causes $70,000 worth of pollution as a result of production. The tire factory's official contribution to GDP would be ________ and its overall contribution to society would be ________
A) $825,000; $755,000 B) $825,000; $895,000 C) $895,000; $825,000 D) $755,000; $825,000
The table above gives some of the entries in the national income and product accounts. The government sector has a ________, and the private sector has a ________
A) surplus of $50 billion; surplus of $25 billion B) deficit of $50 billion; surplus of $25 billion C) surplus of $50 billion; deficit of $25 billion D) deficit of $50 billion; deficit of $25 billion
Which of the following is not a characteristic of a monopolistically competitive market structure?
A) All sellers sell products that are differentiated. B) There is a large number of independently acting small sellers. C) Each firm must react to actions of other firms. D) There are low barriers to entry of new firms.
The "too big to fail" policy of the Fed, whereby some banks are bailed out if they are in danger of failing because they are too big and could bring the system down, leads to which of the following problems?
A. Adverse selection B. Externalities C. Moral hazard D. Public goods