Which of the following statements best defines private costs?
A. They are costs borne by people other than those who commit the action.
B. They are synonymous with social costs.
C. They are internal in the sense that the buyer or seller must explicitly take them into account.
D. They represent explicit costs incurred by producers in the private sector.
Answer: C
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Major achievements of the Roosevelt administration in the field of conservation included all of the following except
a. protection of 150 acres of national forests. b. retention of rights to 75 million acres of mineral wealth. c. adoption of policies that would ultimately provide for construction of reservoirs and irrigation projects. d. protection of over 100 species of animals and birds, including the bald eagle.
The demand for luxurious goods are usually unaffected by an increase in income
a. True b. False Indicate whether the statement is true or false
Belgium, according to economists, is in a recession when its
a. real GDP declines for at least three months b. real GDP declines for at least nine months c. nominal GDP declines for at least nine months d. real GDP declines for at least six months e. nominal GDP declines for at least six months
John and Robert are having an argument about the recent economic downturn in Florin. According to John, government intervention is not required to bring the economy back to the natural level of real GDP. However, Robert believes that the only way to restore the economy is to increase aggregate demand through government intervention. From the above argument, we can conclude that Robert believes in
the _____ of thought. a. Keynesian school b. classical school c. neoclassical school d. new classical school