Total economic surplus will be ________ in nations with well-defined property rights than in nations with poorly-defined property rights.
A. lower
B. no different
C. less predictable
D. higher
Answer: D
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If the velocity of the M1 money supply is 4 and nominal GDP is $200 billion, the stock of money in circulation must be:
a. $25 billion. b. $50 billion. c. $100 billion. d. $800 billion.
Pollution taxes are intended to
A. reduce the budget deficit. B. incentivize firms to cut their pollution. C. reduce welfare of polluting firms. D. raise deadweight loss.
In a fixed exchange rate regime, which of the following policies could be implemented to reduce a trade deficit and leave aggregate demand constant?
A) devalue the currency B) increase government spending C) decrease government spending D) decrease government spending and devalue the currency E) increase government spending and revalue the currency
Refer to the above table. Assume the consumer spends his entire income. The price of a hotdog is $1, the price of a movie is $6, and the consumer has $15. What is the consumer's optimum?
A. 0 hotdogs and 2.5 movies B. 3 hotdogs and 2 movies C. 4 hotdogs and 4 movies D. 2 hotdogs and 2 movies