This agency develops and enforces environmental standards for air, water, toxic waste, and noise
A) Environmental Protection Agency
B) Consumer Product Safety Commission
C) Equal Employment Opportunity Commission
D) Occupational Safety and Health Administration
A
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
Comparing the effect on the monetary base between an open market purchase of government securities from a bank and the same open market operation conducted with the general public, the monetary base
A) decreases by the same amount if the general public sells the securities or if a bank sells the securities. B) does not change if it is the general public that sells the securities. C) increases by a larger amount if a bank sells the securities than if the general public sells the securities. D) increases by a larger amount if the general public sells the securities than if a bank sells the securities. E) increases by the same amount if the general public sells the securities or if a bank sells the securities.
Explain how we can estimate the shape of a person's indifference map by observing choices under different economic circumstances. Explain also why we will not be able to identify any non-convexities in tastes from our observations.
What will be an ideal response?
A pure private good has two characteristics: rivalry and excludability. Rivalry suggests that a private market, rather than the public sector, should produce the good, and excludability suggests a private market will provide it
a. True b. False