"One of the failings of a market system is the damage to the environment. Pollution would not exist with a centrally planned economy." Evaluate this statement
Market systems fail to include external costs, resulting in pollution. But pollution in centrally planned economies has been even higher. China, Eastern Europe, and the former Soviet Union all have grave environmental problems.
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If the Federal Reserve raises the discount rate, the market rate of interest
a. will rise but the monetary base will be unchanged. b. will rise and the monetary base will fall. c. and the monetary base will both rise. d. will fall and the monetary base will rise.
A decrease in the supply of money, other things being equal, will raise the equilibrium interest rate
a. True b. False Indicate whether the statement is true or false
A limit on the quantity of a good that may be imported in a given time period is called:
a. an embargo. b. a tariff. c. a quota. d. dumping.
Which of the following statements about a firm's demand curve for labor is true?
a. It shows the relationship between the price of output and the quantity of output demanded. b. It usually has a negative slope. c. It is perfectly inelastic. d. It is derived from the labor supply curve. e. It is parallel to the demand curve for the firm's product.