Which of the following is NOT a type of externality?

Today's industrialized economies

a. have always specialized in capital intensive production b. have always specialized in heavy industry c. began their industrialization in labor intensive production d. began their industrialization in heavy industry then moved into light industry e. none of the above

The Fed can surely reduce the rightward shift of the AD curve, but

a. stock and bond prices may fall dramatically b. inflation may rise sharply c. inflation would change in an unpredictable fashion d. recession may result e. unemployment may fall to below the natural rate