If private property rights were established in the air, there would probably be
A. more air pollution.
B. less air pollution.
C. the same amount of air pollution that exists without private property rights in the air.
D. better weather.
Answer: B
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Assume that there are two nations, Alpha and Beta. Each nation produces two products, wheat and steel. Alpha has a comparative advantage in the production of wheat. If the two nations trade, the trade price of wheat in terms of steel will be
A. greater than the domestic opportunity cost of wheat in both nations. B. less than the domestic opportunity cost of wheat in both nations. C. less than the domestic opportunity cost of wheat in Alpha and greater than the domestic opportunity cost of wheat in Beta. D. greater than the domestic opportunity cost of wheat in Alpha and less than the domestic opportunity cost of wheat in Beta.
A leading variable ________
A) reaches a peak or trough before the turning point of the business cycle B) reaches a peak or trough after the turning point of the business cycle C) reaches a peak or trough at the same time as the turning point of the business cycle D) all of the above E) none of the above
Suppose that a tax of $2 per unit of output is imposed on red rubber ball producers. What level of output maximizes profit?
A) -1 B) 3 C) 4.5 D) 5 E) B, C, and D are correct.
The use of money and credit controls to change macroeconomic activity is known as:
A. Fiscal policy. B. Monetary policy. C. Supply-side policy. D. Eclectic policy.