GDP can measure either the total income of everyone in the economy or the total expenditure on the economy's output of goods and services, but GDP cannot measure both at the same time
a. True
b. False
Indicate whether the statement is true or false
False
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According to the textbook, the noise of jet engines is not a negative externality for baggage handlers
A) because it leaves no residue in the environment. B) because the benefits are greater than the costs. C) because they are paid to live with the noise. D) because they wear hearing-protection devices. E) unless it leaves them with permanent hearing loss.
It is ________ profit maximizing for firms to dump in foreign markets
A) never B) sometimes C) always
In the above figure, the profit-maximizing output and price for this monopolistically competitive firm are
A) 10,000 units at a price of $10 per unit. B) 10,000 units at a price of $5 per unit. C) 13,000 units at a price of $7 per unit. D) 12,000 units at a price of $8 per unit.
Social disapproval carries a higher cost in all of the following cases except when you:
A. know the people around you. B. care about the opinions of people around you. C. expect to interact with the people around you again in the future. D. have very loose interactions with community members.