If nominal GDP is $12,000 and the GDP deflator is 80, then real GDP is $15,000

The use of money as a medium of exchange

I. lowers transaction costs. II. permits more specialization. A) I only B) II only C) Neither I nor II D) Both I and II

At the market output and price for a good whose production causes pollution,

a. pollution is eliminated b. the marginal social cost of production exceeds the marginal social benefit of production c. the private cost of production equals the private benefit of production d. the marginal social benefit of production equals the marginal social cost of production e. too little of the good is produced