If the economy is at point R, most likely this economy is experiencing __________.
a recession
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For certain intangibles that cannot be measured, it is best to
A. guess. B. exclude them from cost benefit analysis, and then calculate how large they must be to reverse the decision. C. reevaluate using the Hicks-Kaldor criterion. D. leave it to the private sector to decide on value.
Public choice analysis suggests that bureaucrats and public-sector managers have a strong incentive to
a. economize on their spending so more funds will be available for other government programs. b. ensure that their budget is exactly the size that would be considered economically efficient. c. expand their budgets to sizes beyond what would be considered economically efficient. d. keep individual legislators fully informed as to every expenditure.
There are __________ Federal Reserve Districts
A) seven B) eleven C) twelve D) fourteen
Use the following graph, where Sd and Dd are the domestic supply and demand for a product and Pc is the world price of that product, to answer the next question.
With a per-unit tariff in the amount Pt?Pc, price and total quantity sold will be
A. Pc and z. B. Pa and x. C. Pt and x. D. Pt and y.