Corn and beef prices are typically linked because
A. corn is a complement to beef.
B. they are alternative outputs.
C. corn is an input to beef.
D. corn is a substitute for beef.
Answer: C
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The consumer-side deadweight loss from a per-unit tax in the goods market arises from solely from the fact that output falls under the tax.
Answer the following statement true (T) or false (F)
Demand is said to be elastic when percentage changes in quantity demanded are
A. less than the percentage changes in price. B. higher than the percentage changes in price. C. equal to the percentage changes in price. D. zero when price changes.
According to the expectations theory of the term structure, the interest rate on a long-term bond will equal the ________ of the short-term interest rates that people expect to occur over the life of the long-term bond
A) average B) sum C) difference D) multiple
Environmental Protection Agency (EPA) regulations tend to go through many stages of review and approval before they are implemented. Not only do many regulators have to approve a new regulation, but comments and reviews from industry and conservation organizations are typical. Explain these complicated procedures in light of the theories of supply and demand for regulation.
What will be an ideal response?