Explain why environmental damage would be classified as an externality
An externality is an incidental consequence of some economic activity. In the case of environmental pollution, the effect is not necessarily intended. Rather, production or consumption results in a residual of some sort that pollutes. Examples are auto emissions, domestic sewage, and sulfur dioxide emissions from burning coal to generate electricity or refine minerals. The unintended "leftover" is the pollution in the form of an externality.
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Since 2008, the U.S. labor force participation rate for men has ________ and for women has ________
A) gone up; gone up B) gone down; gone up C) been flat; gone down D) been flat; been flat E) gone down; gone down
The equilibrium price is best defined as the price at which: a. demand is smaller than supply
b. suppliers want to supply more goods. c. demanders want to buy more goods. d. quantity demanded is equal to quantity supplied. e. the quantity demanded increases.
The real interest rate is:
A. adjusted for inflation. B. the interest rate paid to savers. C. the interest rate charged to borrowers. D. the reported interest rate, not adjusted for inflation.
Related to the Economics in Practice on page 196. The search engine business is subject to ________, which means that as the use of the search engine increases, the long-run cost to provide additional searches on that search engine will likely fall.
A. diminishing returns B. significant government regulation C. diseconomies of scale D. economies of scale