Which of the following is NOT an example of an externality?
A. The development of a vaccine for preventing flu.
B. Acid rain that destroys forest land throughout the Midwest.
C. Gas prices that doubled between 1998 and 1999.
D. A factory that dumps dangerous chemicals into the Hudson River.
C. Gas prices that doubled between 1998 and 1999.
Economics
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A surplus occurs when the quantity of a good supplied at the existing price is greater than the quantity demanded
Indicate whether the statement is true or false
Economics
Positive economics is descriptive because:
A) it is based on ethical judgments. B) its predictions cannot be verified with data. C) it prescribes what an individual or society ought to do. D) it explains what has happened or predicts what will happen.
Economics