Which of the following is an example of a positive externality?
A. traffic congestion
B. an increased supply of chocolate lowers chocolate prices for all consumers
C. a neighbor's flower garden that you enjoy seeing
D. pollution
Answer: C
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The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
Because people prefer name-brand pain-relieving drugs over store-brand pain-relieving drugs, demand curves do not slope downward for pain-relieving drugs
Indicate whether the statement is true or false
The concept of economic rent would be more applicable to the earnings of
a. a secretary. b. Peyton Manning. c. a doctor or a lawyer. d. only a landowner.
Capital is a(n) ____ variable and investment is a ____ variable.
A. physical; financial B. stock; flow C. asset; liability D. flow; stock