Hyperinflation is defined as an inflation rate:
A. that doubles each year.
B. that exceeds 50 percent per month.
C. that increases rapidly in one year and decreases rapidly the next year.
D. that is moderately high but anticipated.
Answer: B
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Which of the following is an explicit cost of migration?
A. Wages a worker gives up when they leave their home country B. Adapting to a new culture C. Paying application fees D. The stress of looking for a job in a new country
If firms do not increase their quantity supplied when price changes, then supply is
A) elastic. B) perfectly inelastic. C) relatively inelastic. D) perfectly elastic.
Which of the following is NOT an advantage of a pollution tax?
A. It allows firms to equate its marginal abatement cost and the marginal benefit (tax savings). B. It allows a low-cost firm to abate more. C. It provides firms an incentive to invest in pollution abatement technologies. D. It allows us to predict the total volume of pollution that will be discharged.
Ceteris paribus means
A) "all variables are independent." B) "other things being constant." C) "some assumptions are unrealistic." D) "some theories are not rational."