Which of the following is an example of a positive externality?
a. air pollution
b. a person littering in a public park
c. a nice garden in front of your neighbor's house
d. the pollution of a stream
c
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Misty has the option of purchasing one of three products: Brand A, Brand B, or Brand C. Each costs ten dollars. If she decides that Brand A meets her needs best, then the opportunity cost of this decision is
A) Brand B plus Brand C. B) twenty dollars. C) Brand A. D) Brand B or Brand C, depending on which is considered the highest-value alternative forgone.
Uber has come under criticism for its surge pricing because consumers see it as
A) equally fair for firms to raise prices after an increase in costs and as a result of an increase in demand. B) completely unfair for firms to raise prices after an increase in costs or as a result of an increase in demand. C) more fair for firms to raise prices after an increase in costs than as a result of an increase in demand. D) more fair for firms to raise prices after an increase in demand than as a result of an increase in costs.
If two workers can produce 22 units of output, and the addition of a third worker increases output to 30 units, the marginal product of the third worker is
a. 8 units. b. 10 units. c. 22 units. d. 30 units.
Inflation can cause a misallocation of resources because
A. firms have to change their price labels at unusual times. B. the nominal rate of inflation doesn't equal the real rate of inflation. C. people are encouraged to borrow too much. D. inflation doesn't proceed evenly which means that people have a difficult time determining when a price change signals a change in relative prices.