An external cost is:
A. the cost of a warehouse.
B. a cost of production in some other market.
C. the economic harm that a positive externality imposes on others.
D. the economic harm that a negative externality imposes on others.
D. the economic harm that a negative externality imposes on others.
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Based on the figure below. Starting from long-run equilibrium at point C, an increase in government spending that increases aggregate demand from AD to AD1 will lead to a short-run equilibrium at point ________ creating _____gap. 
A. D; an expansionary B. B; no output C. B; expansionary D. A; a recessionary
Rational expectations are the theory according to which people optimally use all the information they have, including information about government policies, when forecasting the future.
Answer the following statement true (T) or false (F)
Using the concentration ratio to measure the degree of competition
A) may understate the degree of competition because it ignores imported goods. B) may overstate the degree of competition because it ignores imported goods. C) may overstate the degree of competition because inter-industry competition is ignored. D) may understate the degree of competition because market share changes annually.
The employees of Ajax cookies are on strike. Jane has decided not to shop at any store that is still selling Ajax cookies. This is known as
A) a closed shop. B) a union shop. C) a sympathy strike. D) a secondary boycott.