Recall the Application about the value of trees in residential neighborhoods to answer the following question(s).Recall the Application. Based on estimates of the value mature trees add to the value of an owner's house and the greater value that is added to neighboring houses, the equilibrium number of mature trees in residential neighborhoods is most likely:
A. greater than the socially efficient number.
B. less than the socially efficient number.
C. equal to the socially efficient number.
D. infinite.
Answer: B
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Which of the following will not increase a nation's real GDP?
A. number of workers B. average price level C. technological progress D. labor productivity
A positive relationship exists between two variables if
A) one variable has "positively" no effect on the other variable. B) a reduction in one variable is associated with an increase in the other variable. C) a reduction in one variable is associated with a decrease in the other variable. D) both variables are inflation-distorted.
The short-run Phillips curve shifts around because of changes in:
A. expectations of employment. B. expectations of inflation. C. the money supply. D. expectations of real income.
Copayments and deductibles in insurance policies increase moral hazard.
Answer the following statement true (T) or false (F)