An externality
A) may be positive or negative.
B) means a rapidly rising cost borne by consumers.
C) is the cost of producing a good outside the United States.
D) is the indirect cost, the overhead, of producing a product.
A
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In the data, which of the following is most volatile?
A) real GDP B) consumption of durables C) consumption of nondurables D) consumption of services
If an economy produces only steel and wheat, a new fertilizer will
A) cause the production of wheat to increase at every point on a production possibilities curve but not affect the production of steel, that is the curve moves outward on the wheat axis only. B) cause the production of both wheat and steel to increase at every point along the production possibilities curve, that is the curve moves outward on both the wheat axis and the steel axis. C) not affect the production of either wheat or steel. D) cause the production of steel to increase at every point along the production possibilities curve but not affect the production of wheat, that is the curve moves outward on the steel axis only.
Which statement is false?
A. American chief executive officers (CEOs) earn on average more than 400 times the salary of the average production worker. B. The effects of globalization has depressed American wage. C. Hourly wages and fringe benefits in the U.S. are the lowest of any industrial country. D. None of the statements are false.
Programs such as Social Security and Medicare
A. have to be re-authorized every year and can be cut by the President without congressional approval. B. can be cut by the President without congressional approval. C. have to be re-authorized every year. D. do not require re-authorization.