Externalities measure
A. Either costs or benefits of a market activity borne by a third party.
B. Only costs of a market activity borne by a third party.
C. Only benefits of a market activity borne by a third party.
D. None of the choices are correct.
Answer: A
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For the recession of 2007-2009, it took ________ for real GDP to return to its cyclical peak
A) about 18 months B) about 2 year C) about 3.5 years D) almost 5 years
One factor which brought on the recession of 2007-2009 was the end of the housing bubble
Indicate whether the statement is true or false
One of the difficulties of the government privatizing a common resource is:
A. compounded the more users there are. B. deciding which individuals will have to decrease their consumption. C. figuring out who owns what when many are using the resource. D. All of these statements are true.
Refer to the information provided in Figure 13.5 below to answer the question that follows. 
Figure 13.5 Refer to Figure 13.5. The Silver Exchange has a monopoly over the sale of solid silver walking sticks. The Silver Exchange has hired you as an economic consultant. You should advise this monopolist to
A. produce in the short run but exit the industry in the long run. B. shut down in the short run but expand capacity in the long run. C. shut down in the short run and exit the industry in the long run. D. produce in the short run and expand capacity in the long run.