When negative externalities are present in a market, it means that:
A. social costs are less than external costs.
B. private costs are less than social costs.
C. private costs are less than external costs.
D. external costs are equal to social costs.
Answer: B
Economics
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The principle that if the amount of labor and other inputs is held constant, then the greater the amount of capital in use, the less an additional unit of capital adds to production is called the principle of
A. increasing average capital productivity. B. decreasing output per unit of capital. C. increasing returns to capital. D. diminishing returns to capital.
Economics
The GDP deflator measures how prices change over time.
Answer the following statement true (T) or false (F)
Economics