Which of the following is not an obstacle to achieving environmental efficiency through markets?
A. Transactions costs.
B. Income effects.
C. Free-rider problems.
D. Private negotiations.
Answer: D
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Define the following terms and explain their importance to the study of macroeconomics: a. open economy b. closed economy c. budget deficits and trade deficits d. international capital flows
What will be an ideal response?
A common criticism of welfare programs is that they
a. create self-reliant individuals. b. encourage strong family values. c. encourage illegitimate births. d. have increasing benefits over time, in real terms.
Total spending on final goods and services in an economy must equal total:
A. investment. B. revenues from all transactions. C. profits. D. production value.
The Latin term "ceteris paribus" means:
A. that if event A precedes event B, A has caused B. B. that economics deals with facts, not values. C. other things equal. D. prosperity inevitably follows recession.