Economics tells us which resource allocations are preferable
a. True
b. False
Indicate whether the statement is true or false
False
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GDP equals
A) aggregate expenditure. B) aggregate income. C) the value of the aggregate production in a country during a given time period. D) all of the above.
What is the Hotelling Principle? Have resource prices behaved as the principle predicts?
What will be an ideal response?
Provide two examples of economics being used as a tool by each of a student, a business, and a government. Classify your examples as dealing with microeconomic topics and macroeconomic topics
What will be an ideal response?
Which of the following statements about externality is INCORRECT?
A) Pollution of a chemical plant will create negative externalities to the residents living in the neighborhood. B) Trees planted in the backyard of a house could create positive externalities to the pedestrians passing under. C) Extra output sold by a firm that lowers the market price creates negative externalities to its rivals. D) A single action may confer positive externalities on some people, but negative externalities on others.