When a private transaction imposes costs on others not directly involved in the transaction, _____
a. a negative externality exists
b. a positive externality exists
c. the good involved in the transaction is a club good
d. the tragedy of commons problem arises
e. a free rider problem arises
a
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Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________, 
A. Rising; B; C B. Falling; A; C C. Falling; A; B D. Rising; A; C
The working-age population includes
A) people over the age of 16 who are in the Army. B) employed and unemployed people over the age of 16. C) those in jails and hospitals. D) youngsters between the ages of 14 and 16 if they are working at least part time. E) only employed people over the age of 16.
Owners of a parking lot are deciding whether or not to add more parking spaces to the lot. The owners should increase parking spaces as long as:
a. LRMR=LRMC
b. LRMR>LRMC
c. LRMR
Productivity gains on southern cotton plantations were due to:
a. improved varieties of seeds. b. use of the gang system. c. longer work hours. d. All of the above. e. Both a and b are correct.