A positive externality is created if:
A. an action harms someone not involved in the market transaction.
B. an action benefits someone not involved in the market transaction.
C. neither helps nor hurts someone not involved in the market transaction.
D. an action harms or benefits someone not involved in the market transaction.
B. an action benefits someone not involved in the market transaction.
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The income elasticity of demand is ________ if the good is ________ good
A) positive; a normal B) positive; an inferior C) negative; a normal D) less than one; an inferior E) positive; a substitute
The tradeoff for monetary policy represented by the Phillips curve is
a. lower inflation for lower output. b. lower inflation for higher unemployment. c. lower inflation for higher employment. d. higher expected inflation for higher output. e. none of the above.
Which of the following are inherent in classical theory?
a. Flexible prices. b. Flexible wages. c. Long-run full employment. d. All of these.
The two largest economies in the world in 2012 were:
A. China and the U.S. B. Japan and the U.S. C. England and the U.S. D. China and Germany.