Loud music from a neighbor's party is
A) a negative externality whether or not you like it.
B) a positive externality whether or not you like it.
C) a positive externality if you like the music, and a negative externality if you don't.
D) a negative externality if you like the music, and a positive externality if you don't.
E) not an externality.
C
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An unanticipated decline in the demand for legal services will
a. increase both the wages of lawyers and the rate of return they can expect to derive from their legal education. b. lead to a shortage in the market for legal services. c. reduce the wages of lawyers but not the quantity of legal services supplied. d. reduce the wages of lawyers and the rate of return on a legal education..
The Federal Reserve System
A) is the central bank of the United States. B) controls the money supply. C) is the lender of last resort. D) handles the sale of U.S. Treasury securities. E) all of the above