"Employment fell last month to its lowest level in the last six years" is an example of:
a. the fallacy of composition.
b. positive economics
c. normative economics.
d. none of the above
b
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State and explain three [or some other number chosen by the instructor] reasons why the scope for further expansion of developing country commodity exports is likely to be limited
What will be an ideal response?
The aggregate demand curve of an economy illustrates the relationship between: a. interest rates and income levels
b. the price level and real gross domestic product (GDP). c. the price level and interest rates. d. income levels and real gross domestic product (GDP). e. real income levels and nominal income levels.
Externalities get their name from the fact that they are:
a. b and d. b. unintended. c. short lived. d. outside of decisions. e. outside of marketplace.
If the government is successful in internalizing the external costs of production in a market, then:
a. social costs will equal private costs. b. an inefficient level of output will be produced. c. social costs will exceed private costs. d. social costs will be less than private costs. e. social costs will fall to zero.