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Author Question: Which of the following best describes an externality? A) something that is external to the ... (Read 31 times)

james

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on: Jun 29, 2018
Which of the following best describes an externality?
 
  A) something that is external to the economy
  B) a sales tax on a good in addition to the market price
  C) an effect of a transaction felt by someone other than the buyer or seller
  D) anything produced in other countries
  E) a change from what is normal

Question 2

An outward rotation of the production possibilities frontier occurs when
 
  A) traders specialize in and exchange the products of their comparative advantage.
  B) one trader steals from the other.
  C) traders produce goods at exactly the same levels of opportunity cost.
  D) one trader begins to produce both goods at a higher level of opportunity cost compared to the other.
Foundations of Microeconomics ¦ Bade, Parkin ¦ 8th Edition
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uniquea123

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Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

A


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