When a person throws a cigarette out of a car window and starts a brush fire, this is
A) an example of an external benefit.
B) an example of an external cost.
C) an example of a public good.
D) an example of market power.
B
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It is often said that if we could get more individuals to study the issues and vote we could have significant change through the ballot box
While true in a technical sense, which of the following statements best explains why this outcome is ¬not likely to occur? a. Individuals have double-peaked preferences and thus cyclical majorities will be prevalent. b. Individuals are rationally ignorant and free ride off of the politically informed. c. Individuals form special interest groups to suppress those attempting to effect change. d. The electoral college stifles grassroots movements at all levels.
Which of these is assumed to be constant along an aggregate supply curve?
a. The price level in an economy b. The exchange rate between the domestic and a foreign currency c. The state of technology used in production d. The unemployment rate e. The real GDP
Counting involuntary part-time workers as unemployed would
A) raise the full employment rate. B) not change the actual unemployment rate. C) raise the natural unemployment rate. D) raise the measured unemployment rate. E) lower the measured unemployment rate.
The three major differences between tariffs and trade quotas are (1) __________________; (2) ________________; and (3) _________________.
Fill in the blank(s) with the appropriate word(s).