If the current account is in deficit, imports of goods and services exceed exports of goods and services (plus net unilateral transfers)

To make a market efficient in the presence of a negative externality, a tax could be imposed that is equal to the marginal

a. social cost b. private benefit c. social cost minus marginal private cost d. social cost minus marginal private benefit e. private benefit minus marginal social benefit

Which of the following is an aggregate?

A) the number of shoes in one man's closet B) the bushels of apples one farmer sells C) the price of a particular textbook D) the total production of all goods and services