An externality is a side effect from an exchange that affects someone other than the buyer and seller.
Answer the following statement true (T) or false (F)
True
An externality is a side effect from an exchange that affects someone other than the buyer and seller.
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Horizontal equity incorporates the notion that
A. those earning higher incomes should pay more in taxes. B. those earning equal incomes should pay the same in taxes. C. taxes paid should be unassociated with income levels. D. there should be no excess burden created by a tax.
A steep IS curve implies that
A) an increase in money supply will change output by a relatively small amount. B) a decrease in taxes will change output by a relatively small amount. C) changes in money supply will have large multiplier effects on output. D) A and B.
The age-earnings cycle is
A) the distribution of money income by age. B) the distribution of wealth by age. C) the relationship between earnings while working and retirement benefits for an individual. D) the regular earnings profile of an individual throughout his or her lifetime.
A binary response is the most extreme form of a discrete random variable that takes on:?
A. ?only two values, zero and one. B. ?only one value, zero. C. ?only one value, one. D. ?any value.