In the context of terrorism, increasing airport security has the
A. negative externality of making other potential targets relatively more attractive to future terrorists.
B. positive externality of making all aspects of life safer.
C. positive externality of making other potential targets relatively more attractive to future terrorists.
D. negative externality of making all aspects of life safer.
Answer: A
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Answer the following statement(s) true (T) or false (F)
1. The marginal cost of producing tea can be measured in dollars per pound of tea. 2. A firm's revenue can be calculated from its demand curve using the formula "price times quantity." 3. Fixed costs have no effect on a firm's profit. 4. Profits will be positive as long as marginal revenue is greater than marginal cost. 5. If marginal cost exceeds marginal revenue, then a reduction in output will create higher profits.
The fact that international specialization and trade based on comparative advantage can increase world output is demonstrated by the reality that
A. a nation can consume more than it can produce only by going into debt. B. only one of two nations engaged in trade can consume more than it produces. C. both of two nations can consume more than they produce if they engage in trade. D. the production possibilities frontiers of any two nations are identical.
According to economic theory, elected government officials will favor
A) federal budget surpluses. B) balanced federal budgets. C) federal budget deficits. D) shrinking federal budgets.
An economic community
(a) attempts to raise prices by restricting quantity. (b) seeks to stabilize commodity prices. (c) seeks concessional loans. (d) imposes a common external tariff. (e) none of the above.