When a government program is justified not on its merits but on the number of jobs it will create,
a. the program is an efficient use of taxpayer dollars.
b. it should be approved only if the unemployment rate is low.
c. taxes should be raised to fund the program.
d. it is known as the "broken window fallacy.".
d
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The president of each regional Federal Reserve Bank is appointed by
a. the U.S. president with the approval of the Senate. b. the Board of Governors. c. the voting members of the Federal Open Market Committee. d. the board of directors of that regional Federal Reserve Bank.
The utility of a specific product:
A. is determined by consumer income. B. varies from person to person using the product. C. is constant from person to person using the product. D. is determined by the price of the product.
If the price elasticity of demand coefficient equals 2 then:
A. a 7 percent decrease in the price will result in a 14 percent decrease in the quantity demanded. B. a price decrease will increase total revenue. C. the good has an inelastic demand. D. there is likely few substitutes, a short time period under consideration, or this good accounts for a relatively small percentage of consumers' budgets.
The current means of regulating automobile emissions is "command-and-control."
Answer the following statement true (T) or false (F)