When policy changes are temporary, then:
a. exchange rates do not change.
b. expectations do not change.
c. interest rates do not change.
d. expectations can change based on results.
Answer: b. expectations do not change.
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What is utilitarian justice?
What will be an ideal response?
A shortage of a good means
a. an excess supply of the good b. an excess demand of the good c. quantity demanded is less than the quantity supplied d. the quantity supplied exceeds the quantity demanded e. price is higher than its equilibrium level in the market
Economies of scale is another term for
a. increasing returns to scale. b. constant returns to scale. c. increasing marginal physical productivity. d. decreasing returns to scale.
To estimate the value of a statistical life, economists sometimes ask people how much they would be willing to pay to reduce their risk of death by a small amount. This method of determining the value of a statistical life is known as
A. stated preference. B. the survey method. C. revealed preference. D. the actuarial method.