From a society’s viewpoint, when all resources are fully employed, a decision to have more of one thing means we must give up something else.

Answer the following statement true (T) or false (F)


True

Economics

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All of the following are examples of negative externalities except

a. getting the flu vaccine. b. smoking in a crowded bar. c. driving while intoxicated. d. littering in the park. e. pouring paint down the storm drains.

Economics

If a tax takes a smaller fraction of income as income rises, it is

a. proportional. b. regressive. c. progressive. d. based on the ability-to-pay principle.

Economics

Because of scarcity, every economic decision involves

a. a trade-off. b. a trade-in. c. an increasing cost. d. a money payment. e. a tax or tariff.

Economics

The current world exchange rate system is usually described as an adjustable peg system.

Answer the following statement true (T) or false (F)

Economics