There is no good basis for dividing federal and state regulatory jurisdictions
Indicate whether the statement is true or false
F Although imperfect, having states regulate matters within there borders and the federal government regulate matters that spill across states has served quite well as a dividing line between jurisdictions.
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Steven lives in a big city where there is a shortage of parking. He has a parking spot in his driveway where he parks his car. Which of the following statements is most correct?
A) The opportunity cost of using the spot is zero, because Steven owns the house. B) Steven has a lower opportunity cost of owning a car than his neighbor, who must rent a parking spot. C) The opportunity cost of using the parking spot is the price he could charge someone else for using the spot. D) The opportunity cost depends on how much Steven's mortgage payment is.
The smaller the extent of job rationing, the
A) higher the labor supply. B) lower the labor force participation rate. C) lower potential GDP. D) higher the real wage rate. E) lower the unemployment rate.
Automatic stabilizers are fiscal policy measures that
A) must be determined by the Congress in each budget. B) do not require new legislation. C) are determined by the Federal Reserve System. D) are part of discretionary fiscal policy.
A reduction in the real exchange rate will cause
A) a reduction in net exports. B) a reduction in the quantity of imports. C) a reduction in output. D) an increase in government spending. E) all of the above