The averting expenditures method
a. uses spending changes on goods that act as substitutes for environmental quality
b. defines personal environmental quality as the relevant market
c. has the disadvantage of jointness of production, which biasesthe benefit estimate
d. all of the above
d. all of the above
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Which of the following is true of a used-car market?
A) Sellers have more information than the buyers. B) Gains from trade do not exist in this market. C) The cars sold are identical in quality. D) There is no consumer surplus in this market.
The difference between the federal budget deficit and the national debt is that the:
a. deficit is a stock variable and the debt is a flow variable. b. deficit is a flow variable and the debt is a stock variable. c. debt includes interest payments and the deficit does not. d. deficit can be positive, but the debt can not e. debt can be negative, but the deficit cannot.
The television network newscaster reports that the national inflation rate the past year equaled 4 percent. This report would be of particular interest to a ____
a. microeconomist. b. normative economist. c. macroeconomist. d. Ceteris paribus. e. social science economist.
Which of the following provides the best summary of the basic idea of public choice analysis?
a. Public choice analysis applies the principles of economics to political science topics. b. Public choice analysis takes the principles of political science and applies them to the traditional topics of economics. c. Public choice analysis uses the principle of majority rule to determine the efficiency of an action. d. Public choice analysis indicates there is a sharp distinction between economic and political topics.