The difference between the costs (or benefits) created by both technological and pecuniary externalities is that in both cases costs are imposed on _____, but for _____ they are external to the market while _____ are allocated within the market
a. parties to the transaction; technological externalities; pecuniary externalities
b. parties to the transaction; pecuniary externalities; technological externalities
c. third parties; technological externalities; pecuniary externalities
d. third parties; pecuniary externalities; technological externalities
c
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When all of the available factors of production are being efficiently employed, the
A) economy is producing at a point within its PPF. B) economy is producing at a point on its PPF. C) economy is producing at a point beyond its PPF. D) PPF disappears. E) opportunity cost of changing production is infinite.
The instant runoff voting method is also known as a single transferrable vote system
Indicate whether the statement is true or false
Other things being equal, an increase in consumption spending implies
A. a higher standard of living in the future. B. a decline in government spending. C. that economic growth will soon increase. D. a decline in saving.
A. firms are worried that frequent price changes would annoy consumers. B. most firms have agreements with each other to fix prices at profit-maximizing levels. C. government controls most prices. D. foreign competition discourages domestic firms
from price changes. A. Government regulations limit the number of times a firm can change prices in a year. B. In most industries the profit-maximizing price does not change even when demand changes. C. Production costs do not tend to change when a firm varies its level of output. D. Firms may be reluctant to change prices for fear of setting off a price war or losing customers to rivals.