However linked the war-induced cycle theory is to our economic reality, most economists suppose that
a. war conspiracies, seemingly far-fetched, have much validity
b. these cycles were random shocks to an economy already in continuous cyclical motion
c. most wars since 1815 (Napoleonic period) were initiated principally to jump-start a sagging economy
d. wars are necessary to achieve sustained economic prosperity
e. there is no link between war and the economy
D
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Externalities occur
A) only when a person acts out of greed. B) only when a person acts out of selfish interest. C) only when a person is concerned with personal profit. D) only when the decision maker does not take into account all the benefits or costs from an action.
When long-run average cost increases as output increases there are
A) economies of scale. B) diseconomies of scale. C) constant returns to scale. D) none of the above.