One "design principle" that makes informal, community-based solutions to public goods and common resource problems more effective is:
A. the government setting clear rules for use.
B. clear distinctions between who is and is not allowed to access the resource.
C. individual pledges to self-monitor their actions.
D. All of these are important to the effectiveness of community-based solutions.
Answer: B
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Developments in the computer software industry have made it extremely easy for firms to keep their books, conduct their own audits, and fill out the various tax forms. If accountants are an input in the accounting services industry, what will likely happen in the market for accountants? Is there a difference between the short run and the long run?
When the Federal Reserve sells a government security to a bond dealer, which transmits payment from a transactions deposit account at a bank
A. the money supply will decrease. B. the net worth of the commercial bank will decrease. C. the cash of the Federal Reserve will decrease. D. the loans of the commercial bank will increase.
A demand relationship in which a given percentage change in price will result in a less than proportionate percentage change in quantity demanded is
A. elastic. B. unit-elastic. C. inelastic. D. consistent with zero elasticity.
Consumers in an economy buy only three general types of products, A, B, and C. Changes in the prices of these items over a period are shown below:
Using year 1 as the base year, the country's price index in year 2 is:
A.
100.0
B.
103.9
C.
105.2
D.
106.3