A positive externality exists when the actions of one party impose benefits on a second party.
Answer the following statement true (T) or false (F)
True
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When a U.S. Senator tells a campaign crowd that "High inflation rates are a much more serious economic problem than high unemployment rates," it is an example of
A. an empirically proven fact. B. a normative statement. C. a microeconomic argument. D. a positive statement.
Use the following graph to answer the next question.
All else held constant, a leftward shift of the supply curve would ________.
A. increase the equilibrium quantity of euros B. cause a shortage of euros C. appreciate the dollar D. appreciate the euro
All economic activity in the underground economy represents the production of illegal goods and services
Indicate whether the statement is true or false
The key characteristic of an oligopolistic market is:
A) production of a homogeneous product. B) mutual interdependence among firms in the market. C) the absence of market power by any one firm. D) ease of entry into, and exit out of, the market.