_______________________: costs incurred by 3rd parties to a transaction.
Fill in the blank(s) with the appropriate word(s).
Ans: Negative externalities
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Use the following table showing the consumption schedule for an economy to answer the next question. All figures are in billions of dollars.RGDPConsumption$440$450490490540530590570640610Given a level of investment and government expenditures totaling $30 billion, zero net exports, and a lump-sum tax of $30 billion, a reduction of government expenditures of $20 billion at each level of real GDP will result in an equilibrium real GDP of
A. $490 billion. B. $590 billion. C. $640 billion. D. $540 billion.
An asset is anything of value owned by a person or firm
Indicate whether the statement is true or false
The common measure of wealth used in calculating the distribution of wealth includes
A) workers' claims on the Social Security system. B) workers' claims on private pension funds. C) financial assets. D) human capital.
In the long run, all costs are fixed costs
a. True b. False Indicate whether the statement is true or false