The US Navy determines that the navigation system on its submarines, which use low-frequency radio waves, is reducing the population of humpback whales. The is an example of
A. marginal thinking.
B. comparative advantage.
C. the market mechanism.
D. the Phillips curve.
E. an externality.
Answer: E
Economics
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The gap between potential GDP and real GDP had been as large as 7 percent during the worst of the 2007-2009 recession. By 2015, the gap
A) was positive, with real GDP exceeding potential GDP. B) had been eliminated. C) remained at 7 percent. D) was still nearly 3 percent.
Economics
Under the kinked demand curve model, a small increase in marginal cost will lead to
A) an increase in output level and a decrease in price. B) a decrease in output level and an increase in price. C) a decrease in output level and no change in price. D) neither a change in output level nor a change in price.
Economics