If a country has a high level of growth in income, it:
A. must have a high level of income.
B. must be rapidly increasing its GDP per capita.
C. must have an equitable distribution of wealth.
D. All of these are true.
Answer: B
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Refer to Figure 18.1. The opportunity cost of bicycles in Canada is
A) 1/2 of a hang glider. B) 2/3 of a hang glider. C) 2 hang gliders. D) 4 hang gliders.
When there is a negative externality in a market, too much of the good is produced
Indicate whether the statement is true or false
The monetary approach makes the general prediction that
A) the exchange rate, which is the relative price of American and European money, is fully determined in the long run by the relative supplies of those monies. B) the exchange rate, which is the relative price of American and European money, is fully determined in the short run by the relative supplies of those monies and the relative demands for them. C) the exchange rate, which is the relative price of American and European money, is fully determined in the short run and long run by the relative supplies of those monies and the relative demands for them. D) the exchange rate, which is the relative price of American and European money, is fully determined in the long run by the relative supplies of those monies and the relative demands for them. E) the money supply in the U.S. will adjust to European monetary equilibrium.
Which of the following provides an example of command-and-control regulation? a. Taxing producers based on the external costs created by their pollution, thus internalizing external costs
b. Requiring firms to reduce their pollution by 50 percent, thus allowing them to emit 50 percent of their historical emissions, and allowing them to freely buy and sell allowances. c. Requiring firms to use a particular type of pollution-control technology, such as smokestack scrubbers or catalytic converters. d. Subsidizing firms that exceed their pollution-control targets.