Which of the following would not be included in the government consumption expenditures and gross investment (G) category of GDP?
A. The payments made to Social Security recipients.
B. The expenditures made to repair a highway.
C. The spending for professors at state universities.
D. The purchase of new china for White House functions.
Answer: A
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Suppose research indicates that the effects of a one degree increase in Earth's average temperature would be much more devastating than previously believed. Therefore, the greater the marginal benefit of reducing greenhouse gases, other things constant,
a. the lower the optimal level of emissions b. the higher the optimal level of emissions c. the likelier that the level of emissions would have no effect d. the lower the optimal level of cleaner air e. None of the answers is correct
Which of the following activities will generate a negative externality?
a. A beekeeper keeping bees for honey b. Inoculations for communicable diseases c. Research and development activities of a firm d. A chemical factory set up in a residential area e. Improvement in education facilities