Suppose you live in the suburbs and dump your garbage on your front lawn on a daily basis.
A. Your actions hurt no one but yourself.
B. Your actions constitute an external cost to your neighbors.
C. Your actions constitute an external benefit to your neighbors.
D. Your actions would not be considered a market failure.
B. Your actions constitute an external cost to your neighbors.
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The above table shows the short-run total product schedule for the campus book store. When the book store hires the 3rd employee
A) the bookstore is still experiencing increasing marginal returns. B) the book store has already begun to experience diminishing marginal returns, but average product is still rising. C) both marginal and average product have already begun to decline. D) marginal product is at its maximum.
Approaches to establishing central bank credibility include
A) continued success at keeping inflation under control. B) central bank independence. C) appointment of a more conservative central banker. D) all of the above.