The side effect of an action that increases the well-being of others is called
A. an augmentation.
B. an elasticity.
C. a passive benefit.
D. a positive externality.
Answer: D
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The costs of unemployment are lowest (and perhaps even negative) for ________ unemployment.
A. cyclical B. frictional C. cyclical and structural D. structural
The cross price elasticity of demand between two goods is 50. We may conclude that
A) the two goods are very complementary and probably are sold together. B) the two goods are poor substitutes for each other. C) the demand for one of the goods is likely to be fairly elastic and the demand for the other good is likely to be fairly inelastic. D) the demand for each of the goods is likely to be very elastic.
In terms of the world as a whole, imports must equal exports because
A. Most countries, other than the United States, have a balanced trade situation. B. The United Nations requires it. C. Every good exported by one country becomes an import for another country. D. It is part of international law.
According to the World View article that compares GDP per capita figures for several nations, which of the following nations has the highest GDP per capita?
A. Great Britain. B. United States. C. Japan. D. China.