If positive externalities are present in the production of a good, then society will:
a. produce too much of the good since the marginal private benefit to consumers is less than the marginal social benefit.
b. produce too little of the good since the marginal private benefit to consumers is greater than the marginal social benefit.
c. produce too much of the good since the marginal private benefit to consumers is greater than the marginal social benefit.
d. produce too little of the good since the marginal private benefit to consumers is less than the marginal social benefit.
Question 2
What has happened to countries that did not participate in the globalization of the world economy?
a. The fraction of the population living below the poverty line in these countries has decreased.
b. These countries have been mired in a low-growth path and are experiencing high poverty rates.
c. The socialist policies in these countries have caused a big change in the income distribution, something that globalization could not have achieved.
d. The growth rate of these countries is stronger than the First World countries.
e. The domestic industries in these countries have experienced robust growth.
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