Organic pollution does not represent an external cost.
Answer the following statement true (T) or false (F)
False
An external cost is a cost of a market activity borne by a third party. Pollution of all kinds imposes costs on innocent bystanders.
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Along the short-run Phillips curve SRPC0 the natural unemployment rate is
A) 7 percent. B) 3 percent. C) 6 percent. D) an amount that can be determined from the figure, but none of the above answers is correct. E) an amount that cannot be determined from the figure. The figure above shows some Phillips curves for an economy.
Positive net exports are treated like domestic investment in the national income accounts because they are
A) always part of inventories. B) fixed assets not intended for resale. C) they represent future flows of real income. D) not intended for resale.
Nominal GDP was $10,624 billion in year 1 and the GDP price index was 104. Nominal GDP was $11,246 in year 2 and the GDP deflator that year was 106. What was real GDP in years 1 and 2, respectively?
a. $9,983 billion and $10,111 billion b. $10,215 billion and $10,609 billion c. $10,022 billion and $10,813 billion d. $10,624 billion and $11,246 billion
A firm should never produce any output if
A. AR < ATC. B. P < AVC. C. P < ATC. D. MR < MC.