In the United States, the powers of eminent domain are put forth in the Fifth Amendment to the Constitution
Indicate whether the statement is true or false
TRUE
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If the marginal benefit of additional spending on a public health measure is greater than its marginal cost, then total economic surplus
A. will increase if the government increases spending on the health measure. B. is equal to zero. C. will decrease if the government increases spending on the health measure. D. has been maximized.
In this year, Country A has a real GDP per person that is 4 times greater than that of Country B. Country B's growth rate of real GDP per person is 3.5 percent per year
How many years will it take for Country B's real GDP per person to reach the same level that Country A had in this year? A) 10 years B) 20 years C) 40 years D) 60 years E) 56 years
The above figure shows the market for rice in Japan where price is expressed in dollars. S represents the domestic supply curve, and the horizontal line at P = 1 represents the world supply curve. Suppose a free market exists
If a $1 per unit tariff is imposed on imported rice, the quantity of imported rice will decrease by A) Q1 units. B) Q2 - Q1 units. C) Q2 units. D) Q1 - Q2 units.
In general, the smaller the price elasticity:
a. the smaller the responsiveness of price to changes in quantity. b. the smaller the responsiveness of quantity to changes in price. c. the larger the responsiveness of price to changes in quantity. d. the larger the responsiveness of quantity to changes in price.