Externalities always involve the imposition of costs on parties outside an activity or transaction.
Answer the following statement true (T) or false (F)
False
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Refer to the above graph, which shows the market for beef where demand shifted from D 1 and D 2. The change in equilibrium from E1 to E 2 is most likely to result from:
a. A decrease in consumer incomes b. An increase in the price of pork c. A decrease in the tax on beef products d. An increase in the cost of cattle feed
Consider a two-country, two-commodity model. The table below shows the units of Good X and Good Y produced in Country A and Country B per labor hour. Which of the following statements is true? ProductivityCountry ACountry BGood X1.000.50Good Y0.200.70
A. Country B has an absolute advantage in the production of Good X. B. Country A has an absolute advantage in the production of both Good X and Good Y. C. Country B has an absolute advantage in the production of both Good X and Good Y. D. Country A has an absolute advantage in the production of Good X.
Which of the following does NOT contribute to the marginal productivity of workers?
A) discrimination B) talent C) experience D) education
During the Great Depression, union membership _____ due to _____
a. expanded, greater cooperation between radicals and conservatives in the labor movement. b. expanded, the passage of pro-union legislation. c. contracted, greater conflict between radicals and conservatives in the labor movement. d. contracted, people wouldn't risk losing their jobs by joining a union when unemployment was high.