Which of the following is a question answered with normative economic reasoning?
A) If the college provided less financial aid for out-of-state students, would more in-state students benefit?
B) If the college offers free textbooks for students, will more students read their textbooks?
C) If the college increased its enrollment requirements, would class size decline?
D) Should the college increase tuition to fund its athletic programs?
D
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Edward is an unmarried man with no children. He loses his job as the manager of a company. After three years of job searching, Edward manages to finally get a job in a small company. Edward's three years of unemployment are most likely to result in _____
a. a loss of lifetime earnings for Edward b. a loss of human capital for the broader society c. the deterioration of health for the broader society d. a loss of social cohesion for the broader society
Externalities that occur in market transactions and affect parties beyond those involved in such transactions are known as _____
a. spillovers b. negative externalities c. deadweight losses d. shortages