An individual who pays for personal auto repair has incurred a
A) social cost.
B) private cost.
C) negative externality.
D) positive externality.
B
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Waldo buys only two items, pretzels and ham sandwiches. Waldo has $24 in income, pretzels cost $0.60 per bag and ham sandwiches cost $2.40 each. Which of the following statements is TRUE for the information given above?
A) Waldo's real income expressed in terms of pretzels is 40 bags of pretzels. B) Waldo's real income expressed in terms of ham sandwiches is 10 ham sandwiches. C) The relative price of a ham sandwich in terms of pretzels is 4 bags of pretzels per ham sandwich. D) All of the above answers are correct.
Tariff rates on goods imported into the United States
a. were prohibited by the Constitution b. have dropped substantially over the past 50 years c. reached an all time high in 1996 d. have steadily increased since 1920 e. have never played a big part in U.S. trade policy
The Fed's principal objective is to
a. make profits to pay into the U.S. Treasury. b. collect tax revenues. c. supervise the business decisions of banks. d. manage the money supply and interest rates.
The sum of value added
A. Is one way to compute the GDP. B. Equals the sum of the value of intermediate goods. C. Measures the intangible quality of goods and services produced in the economy. D. Equals net domestic product.