Which of the following can give rise to a negative externality?
A) Smoking a cigarette
B) Planting a tree
C) Consuming vegetarian food
D) Working for long hours
A
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Gabriel operates a ranch in Idaho where he raises cattle and grows potatoes. The figure above illustrates his production possibilities frontier. What is Gabriel's opportunity cost of growing another ton of potatoes?
A) 0 cows B) 1 ton of potatoes C) 80 cows D) 400 cows E) 100 cows
The national debt can only be reduced if
A) the federal budget is in deficit. B) the federal budget is in surplus. C) there are no tax multiplier effects. D) the economy has a deflationary ga
When studying individuals' economic behavior, economists assume that
A) individuals understand the rationale for all their actions. B) individuals act as if they were rational. C) only educated people act as if they were rational. D) self-interest is of limited relevance in predicting an individual's actions.
Which of the following statements is true?
a. National income is total income earned by households whereas personal income is total income received by households (including transfer payments). b. Disposable personal income equals personal income minus personal taxes. c. The expenditures approach and the income approach yield the same GDP figure. d. All of these.