If people voluntarily bring their recyclable materials to a recycling center, these materials reduce landfill space, reduce the need for virgin material extraction, and provide an inexpensive input in many production processes. This results in
a. an increase in the externalities associated with producing goods
b. mandatory recycling
c. an increase in private costs of producing goods
d. a narrowing of the gap between private and social costs of producing goods
D
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Economic growth takes place
A) only if the price level is constant or rising. B) when aggregate demand decreases. C) only when both aggregate demand and aggregate supply increase. D) when aggregate supply increases.
Describe the tradeoffs involved when thinking about setting the time over which a patent grants an innovator exclusive monopoly rights.
What will be an ideal response?
Which country most recently experienced hyperinflation?
a. Germany b. Zimbabwe c. Chile d. all of the above
Because people can borrow when they are young, the life cycle theory would suggest that one's standard of living depends on
a. lifetime income rather than annual income. b. aggregate income rather than annual personal income. c. annual extended-family income rather than annual personal income. d. income averaged across seasons rather than across years.