With adaptive expectations, the expected inflation rate for the current year ________ the actual inflation rate for the previous year
A) is greater than
B) is less than
C) is equal to
D) is unrelated to
C
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A country has several factories that emit sulfur dioxide. The main methods that the government can use to overcome the accompanying environment externalities include all of the following EXCEPT
A) cap-and-trade. B) mandating clean technology. C) subsidies. D) taxes.
What are the three basic economic decisions each household must make?
What will be an ideal response?
The price elasticity of demand is -1.5. The price elasticity of supply is 1.5. The fraction of a specific tax that is borne by producers is ________
A) 0 B) 0.25 C) 0.5 D) 0.75 E) 1
A patent on a product gives a firm
A) protection from having the invention copied or stolen for a period of 20 years. B) economies of scale in producing the product. C) excessive profits in the long run. D) the power to impose a tariff on a competing product.