In which phase of the business cycle will the economy most likely experience rising real output and falling unemployment rates?

Social costs are

A) private costs plus any external costs. B) the costs of the externality only. C) costs incurred when common property is used. D) the costs associated with reaching and enforcing agreements.

All of the following questions or statements regarding tariffs are positive except

A) Economic models can be used to estimate the dollar amounts gained by the winners from the imposition of a tariff. B) Economic analysis can decide whether a tariff proposal should be enacted. C) Economic analysis can show the size of the loss of economic efficiency from the imposition of a tariff. D) Economic models can be used to estimate the dollar amounts lost by the losers from the imposition of a tariff.