Pollution is an example of a
A) public good.
B) positive externality.
C) private cost.
D) negative externality
Answer: D
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Allocative efficiency occurs when price ______.
a. is above the ATC curve b. meets the ATC curve c. is less than marginal cost d. equals marginal cost
The government may not implement policies intended to redistribute income in which of the following economic systems?
A. Laissez-faire capitalism B. Command system C. Mixed economy D. Market system
Suppose there is no unemployment in the economy and society decides that it wants more of one good. Which of the following statements is true?
A) It can only achieve this with an advance in technology. B) It can increase output without giving up another good. C) It can only achieve this with an increase in resource supplies. D) It will have to give up production and consumption of some other good.
Define wealth. What is the effect of increase in wealth on the consumption and saving schedules?
What will be an ideal response?