Developing countries (DVCs) can be subdivided into the following groups, except:
A. Low-income economies
B. High-income economies
C. Lower-middle-income economies
D. Upper-middle-income economies
B. High-income economies
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Which of the following institutions is NOT part of the structure of the Federal Reserve system?
A) The Federal Open Market Committee B) The Federal Reserve Banks C) The Board of Governors D) The Federal Government
If OPEC increases its price of oil, and still the demand for oil decreases by a very small amount, we can conclude that the demand for oil is
A) relatively elastic. B) relatively inelastic. C) perfectly elastic. D) perfectly inelastic.
When an industry is characterized by technology spillover, what should the government do to ensure that the market equilibrium equals the socially optimal equilibrium?
a. Impose a tax greater than the value of the technology spillover. b. Not allow production of any product that causes a technology spillover. c. Provide a subsidy equal to the value of the technology spillover. d. Require producers to "clean up" any spillover that results from their production process.
Economists assume maximizing efficiency over other goals:
A. may not bring about the best outcome for society. B. is a guiding principle of policy-making. C. is always the best approach. D. should never be followed.