Which of the following would economists label as an example of the "tragedy of the commons?"
A. The over-fishing of the oceans
B. The use of pesticides on private farm land
C. The use of growth hormone on cattle
D. The neighbor who does not mow his yard
Answer: A
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
In perfect competition, when market demand increases, explain how the price of the good and the output and profit of each firm changes in the short run
What will be an ideal response?
The current worth of a claim on future resources is called:
A. net present value. B. future value. C. present discounted value. D. internal rate of return.
When bad money drives out good money, the price level will rise
Indicate whether the statement is true or false