Externalities are commonly generated from
a. purely competitive retail industries.
b. modern computer technologies.
c. ordinary consumption and production activities.
d. benefits from further pollution abatement, which are zero.
c
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A newspaper reports that the average price of new homes in a certain city had decreased, and the number of new homes sold had also decreased. This situation is probably caused by
A. higher government subsidies to new homebuyers in that city. B. a rising population in that city. C. decreasing incomes of people in that city. D. decreasing costs of construction materials and services in that city.
The three primary systems for allocating resources are
a. tradition, command, and central planning b. tradition, central planning, and communal c. command, market, and socialism d. tradition, command, and market e. communal, command, and capitalism
In order for a Pareto improvement to occur, someone must suffer a loss so that others may benefit from the improvement
a. True b. False
Oil producers expect that oil prices next year will be lower than oil prices this year. As a result, oil producers are most likely to
A) place more oil on the market this year, thus shifting the present supply curve of oil rightward. B) hold some oil off the market this year, thus shifting the present supply curve of oil leftward. C) place more oil on the market this year, thus increasing the quantity supplied of oil at lower but not higher prices. D) hold some oil off the market this year, thus decreasing the quantity supplied of oil at lower but not higher prices.