Which of the following term refers to the share of an activity’s marginal cost that is paid for by people other than those who carry out the activity?
A. Beneficial cost
B. External cost
C. Marginal private cost
D. Marginal social cost
Answer: B
You might also like to view...
When an economy faces diminishing returns,
A) the slope of the per-worker production function becomes flatter as capital per hour worked increases. B) the per-worker production function shifts to the left. C) the per-worker production function shifts to the right. D) the slope of the per-worker production function becomes steeper as capital per hour worked increases.
In the United States in 2014, about seventy percent of those who were not covered by health insurance
A) live in families in which at least one member has a job. B) live in families in which all members are unemployed. C) are single and unemployed. D) are retired from the workforce.
U.S. gross domestic product is converted to U.S. gross national product by
a. adding the value of output produced by U.S.-owned resources in foreign countries. b. subtracting the value of output produced by U.S.-owned resources in foreign countries. c. subtracting the value of output produced in the United States by foreign-owned resources. d. both adding the value of output produced by U.S.-owned resources in foreign countries AND subtracting the value of output produced in the United States by foreign-owned resources.
Suppose expected inflation and actual inflation are both low, and unemployment is at its natural rate. If the Fed then pursues an expansionary monetary policy, which of the following results would be expected in the short run?
a. The short-run Phillips curve would shift to the left. b. The short-run Phillips curve would shift to the right. c. The economy would move up and to the left along a given short-run Phillips curve. d. The economy would move down and to the right along a given short-run Phillips curve.