An example of a renewable resource would be:
A. a river.
B. natural gas.
C. coal.
D. All of these are examples of renewable resources.
Answer: A
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Because markets may not clear for several months or even several years, the classical model
a. is no longer considered valuable by mainstream economists b. has no value when explaining a situation where excess supply exists c. is irrelevant to any discussion of a market in which excess demand exists d. does a better job of explaining short-term fluctuations than long-run growth e. does a better job of explaining long-run growth than short-run fluctuations
A tax provision that works much like a negative income tax is the
a. Earned Income Tax Credit (EITC). b. Temporary Assistance for Needy Families (TANF). c. deduction for charitable contributions. d. mortgage interest rate deduction.
When the Fed sells government securities, it:
A. lowers the cost of borrowing from the Fed, encouraging banks to make loans to the general public. B. raises the cost of borrowing from the Fed, discouraging banks from making loans to the general public. C. decreases the amount of excess reserves that banks hold, discouraging them from making loans to the general public. D. increases the amount of excess reserves that banks hold, encouraging them to make loans to the general public.
A firm that produces a good with many substitutes will most likely find that:
A. raising its price will increase total revenue. B. lowering its price will not affect total revenue. C. lowering its price will increase total revenue. D. lowering its price will decrease total revenue.