If whooping cranes generate benefits to some members of society by merely their continued existence, then economic markets will consider this in arriving at a level of their provision "as if by an invisible hand."

If the marginal social benefit of consuming a good or a service exceeds the marginal private benefit

A) a positive externality exists. B) a negative externality exists. C) the sum of consumer surplus and producer surplus is maximized. D) the market achieves economic efficiency.

In the Activists' Paradise, to increase real GDP without affecting the interest rate, it is necessary to change

A) only fiscal policy and shift the IS curve. B) only monetary policy and shift the LM curve. C) fiscal and monetary policies and shift both IS and LM. D) more policy instruments than policymakers are actually able to manipulate.