Which of the following is an example of a positive externality?
a. A firm emits pollution into the air, harming members of society
b. An auto body shop makes a lot of noise, reducing the property values of nearby homes.
c. A coastal dairy farmer's undeveloped land offers unimpeded views of the ocean for a nearby neighborhood.
d. You go to a store and pay $0.65 for a candy bar that you then eat.
c
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Refer to Table 21-2. Using the table above, what is the approximate growth rate of real GDP from 2014 to 2015?
A) 1% B) 2% C) 3% D) 4%
The Soviet Union's economy grew rapidly in terms of GDP per hour worked in the 1950s, but eventually this growth slowed. Why did this occur?
A) Capital per hour worked grew rapidly from 1950 to 1980, but technological change occurred very slowly. B) Increasing implementation of new technologies eventually suffered diminishing marginal returns. C) Capital per hour worked grew slowly, but technological change grew very rapidly. D) The centrally planned economy invested too heavily in technological change.