What is required for a positive externality to occur?
A) The full benefits of an action aren't taken into account.
B) The intention or plan to directly help other people
C) A concern for social welfare
D) Courtesy and honesty
E) All the above.
A
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Distinguish between a positive statement and a normative statement and provide examples
What will be an ideal response?
Which of the following statements is true?
A) When an industry achieves a long-run competitive equilibrium, industry output will not change in the future. B) When an industry reaches a long-run competitive equilibrium, the typical firm in the industry breaks even. C) A long-run competitive equilibrium can only be achieved in constant-cost industries. D) A long-run competitive equilibrium outcome is not economically efficient.
A reduction in the rate of inflation is called:
a. deflation. b. disinflation. c. hyperinflation. d. cost-push inflation.
Our trade balance in merchandise is ________ and our trade balance in services is __________.
A. positive; positive B. negative; negative C. negative; positive D. positive; negative