As entrepreneurs find new market niches and help specific industries grow, other industries will
(a) grow proportionately.
(b) grow disproportionately.
(c) fail.
(d) grow disproportionately and fail.
(d)
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The social cost of cutting trees for firewood in a government forest is
A) the increased likelihood of flooding as more trees are cut. B) opportunity cost to the individual of cutting the wood. C) the increased likelihood of flooding as more trees are cut plus the private cost of cutting the trees. D) the marginal costs of cutting the last tree.
Which of the following countries is not a member of The Group of Seven?
A. the United States B. China C. Germany D. Japan
If banks were required to keep 100% of deposits in reserves, they could
A) make more loans. B) make no loans. C) create more deposits. D) only use required reserves for loans.
Describe the two basic philosophies of taxation fairness.
What will be an ideal response?