Internal costs are
A) costs borne solely by the individuals who incur them.
B) costs borne by people in the same society as those who incur them.
C) costs borne by people working in the firm that incurs them.
D) costs that are incurred by the producers but buyers do not pay for them.
Answer: A
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When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
Given the information in the table above, if wages were to double in Home, then Home should
A) export cloth. B) export widgets. C) export both and import nothing. D) export and import nothing. E) export widgets and import cloth.
Provide several examples of important taxes on labor in the United States. For a typical worker, what is the marginal tax rate on labor income once all the labor taxes are summed?
Refer to the information provided in Figure 29.1 below to answer the question(s) that follow.
Figure 29.1Refer to Figure 29.1. If policy makers take an action at time t2, the impact on the economy will not be at time t2 because
A. of the response lag. B. economic policies are ineffective. C. of the recognition lag. D. of the implementation lag.