Economics is
a. exclusively the study of the markets for stocks and bonds
b. the study of choice under conditions of scarcity
c. exclusively the study of business firms
d. fundamentally the same as sociology
e. applicable only when scarcity is not a problem
B
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Some government policies provide incentives for private decision makers to choose to solve the problem of externalities on their own. What term do we use to describe such policies?
Recall the Application about how technological advances in another country may hurt the United States to answer the following question(s). In this Application, how will the United States gain when China becomes more prosperous?
A. American companies get a larger market for U.S. goods. B. we can borrow more money from them. C. they can share the costs of keeping world peace. D. we can access the new technology they develop.