Which of the following is an example of an activity that creates an external cost?
i. a smoker emitting second-hand smoke
ii. sulfur emitting from a smoke stack
iii. throwing garbage on the roadside
A) i only
B) i and ii
C) iii only
D) ii and iii
E) i, ii, and iii
E
Economics
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The value-added approach to measuring GDP involves adding up the value of the
a. sales revenues of firms b. payments for the intermediate goods used by all firms c. the wages of the workers used to produce goods d. sales of all firms, minus all their purchases of intermediate goods e. values of final goods minus the value of all services
Economics
Traders should specialize in the good in which:
A) they have the lowest opportunity cost. B) they have an absolute advantage. C) their trading partner has the lowest opportunity cost. D) they do not have an absolute advantage.
Economics