Which of the following is an effect of paper recycling on pulpwood?
a. Recycling leads to an increase in acreage devoted to pulpwood.
b. Recycling leads to a decrease in acreage devoted to pulpwood.
c. Recycling increases the demand for pulpwood.
d. Recycling increases the market price of pulpwood.
B
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In general, the deadweight loss associated with an import tariff or quota becomes relatively larger when:
A) supply and demand are inelastic. B) supply is elastic and demand is inelastic. C) demand is elastic and supply is inelastic. D) supply and demand are elastic.
Scarcity is a concept that implies that choices must be made
a. True b. False Indicate whether the statement is true or false
You have just bought a used car and drive away satisfied that you’ve made a good deal on the purchase. What would an economist say about your “gain” on the deal?
A. Your gain has clearly meant that the seller lost on the deal. B. The seller has clearly gained, and you have actually lost on the deal. C. Both you and the seller have gained something. D. If your gain is too large, then the deal should be renegotiated. E. If the seller’s loss is too large, then the deal should be renegotiated.
Which of the following is not part of the Federal Reserve System?
a. Council of Economic Advisors b. 12 Federal Reserve District Banks c. Federal Open Market Committee d. Board of Governors