Externalities that occur in market transactions and affect parties beyond those involved in such transactions are known as _____
a. spillovers
b. negative externalities
c. deadweight losses
d. shortages
a
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Because of the slope of the aggregate demand curve, we can say that
A) a decrease in the price level leads to a lower level of real GDP demanded. B) an increase in the price level leads to a higher level of real GDP demanded. C) a decrease in the price level leads to a higher level of real GDP demanded. D) an increase in the price level leads to no change in the level of real GDP demanded.
Isoquants that are downward-sloping straight lines imply that the inputs
A) are perfect substitutes. B) are imperfect substitutes. C) cannot be used together. D) must be used together in varying proportions.
A partnership in which one or more persons act as general partners who run the business and have the same unlimited liability as sole proprietors
What will be an ideal response?
In the long run, a year-long drought that destroys most of the summer's wheat crops causes permanently:
A. higher prices. B. lower prices. C. lower output. D. None of these is true.