When institutions do not protect private property rights, do not uphold contracts, interfere with the working of markets and instead erect significant barriers into businesses and occupations, they are referred to as:
A) transitive economic institutions. B) extractive economic institutions.
C) inclusive economic institutions. D) exclusive economic institutions.
B
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If the GDP price index is 125 and nominal GDP is $130 billion, then real GDP equals ________ billion
A) $104.00 B) $162.50 C) $96 D) $1.04 E) $9.6
Which of the following is consistent with moving from a surplus to equilibrium in the market for foreign currency exchange?
a. the exchange rate falls causing U.S. residents to import more b. the exchange rate falls causing U.S. residents to import less c. the exchange rate rises causing U.S. residents to import more d. the exchange rate rises causing U.S. residents to import less
Figure 4-9
Refer to . The market for gasoline was initially in equilibrium at point b and a $.40 excise tax is illustrated. What does the triangular area abc represent?
a.
the revenue the government derives from the tax
b.
the tax paid by consumers
c.
the tax paid by producers
d.
the deadweight loss (or excess burden) created by the tax
In a market for money,
A. borrowers are the suppliers and lenders are the consumers. B. both borrowers and lenders are the consumers. C. both borrowers and lenders are the suppliers. D. borrowers are the consumers and lenders are the suppliers.