Which of the following occurs if there is a quality-of-life innovation?
A. New goods or services are created, allowing people to do things that they could not do before.
B. More of the same products can be produced at lower cost.
C. Positive externalities are reduced, or negative externalities are increased.
D. Positive externalities are increased, or negative externalities are reduced.
Answer: D
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An example of a negative externality created in the market system would be
A) poverty. B) unemployment. C) an increased number of bird flu patients. D) water pollution.
An employer would never operate on the upward-sloping part of an MRP curve because
A. he or she would not be maximizing profits. B. he or she would be hiring workers at wages above MRP. C. the number of workers is too large to get economies of scale. D. he or she would then have too little capital per worker.
Consider that Britain is trying to maintain a fixed exchange rate with respect to the U.S. dollar. However, the present situation in the foreign exchange market is conducive for the British pound to depreciate with respect to the U.S. dollar. If the British government uses sterilized intervention in the foreign exchange market, then
A. Britain will be running an overall payments surplus. B. the British monetary authorities will be selling British government bonds. C. Britain is gaining official international reserves. D. the British monetary authorities will be buying British government bonds.
Which of the following conditions must be TRUE so that a firm can price discriminate?
A) There are no other firms in the market. B) The good is a nondurable. C) The good cannot be easily resold. D) All of the above.