The opportunity cost of a new national park is the:
A. cost of hiring staff and park rangers to provide services for visitors.
B. alternative uses for the land and funding for the park.
C. increased pollution to the wildlife habitat at the park.
D. cost of constructing park buildings and highways to get to it.
Answer: B
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A tariff is
A. a voluntary agreement to restrict exports. B. a tax on imported goods. C. a subsidy on domestically produced goods. D. a government-imposed restriction on the quantity of a specific good that can be imported into the country.
Explain what the Saudi oil minister meant when he warned OPEC of using its market power too much by saying "Remember, the Stone Age did not end because we ran out of stones."
What will be an ideal response?
In order to achieve the maximum gains from trade, people should specialize according to
A) property rights. B) PPF. C) absolute advantage. D) comparative advantage.
Assume that targeted inflation is 1 percent. According to the Taylor rule, the federal funds rate is:
a. equal to 2 percent if inflation and output are at their target level. b. equal to 6 percent if inflation is 3 percent, output is at its target level and the Fed's targeted federal funds rate is 2 percent. c. equal to 4 percent if inflation is 2 percent , output is 2 percent above its target level and the Fed's targeted federal funds rate is 2 percent. d. none of the above are correct.