________ are generally produced by the government.
A. Externalities
B. Public goods
C. Private goods
D. Market failures
Answer: B
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Which of the following statements is true?
A) Correlation can only arise when causation is not present. B) Causation can only arise when correlation is not present. C) Causation arises when there is correlation between two variables, and can also arise even when there is no correlation. D) Correlation arises when there is causation and can also arise even when there is no causation.
For a firm in monopolistic competition, the efficient scale is the amount of output at which ________ is a minimum
A) fixed cost B) average total cost C) average variable cost D) average fixed cost E) marginal cost
A problem with the use of aggregate demand management to stabilize the business cycle is that
A) monetary policy isn't available to use when interest rates are already rising because of higher inflation. B) fiscal policy takes a long time to have any impact on the economy. C) monetary policy is difficult to use, because the decision-making process is long and complicated. D) the precise amount that output will change in response to monetary or fiscal policy isn't known.
The price elasticity of demand measure is generally stated as an absolute value
a. True b. False Indicate whether the statement is true or false