Each of the following is an endogenous business cycle theory except the ___________ theory.
A. monetary
B. accelerator
C. psychological
D. sunspot
D. sunspot
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If a country lends more to foreign countries than it borrows from foreign countries in a year, then definitely during that year
A) it has a current account deficit. B) it is a creditor nation. C) it is a debtor nation. D) it is a net lender.
Which of the following are expected consequences of common ownership of property and resources?
(a) The threat of corrupt use (b) The danger of over use (c) Free riding (d) All of the above
The good for which neither the principle of mutual excludability nor the principle of rivalry applies is referred to as a:
a. public good. b. commons good. c. club good. d. normal good. e. private good.
"The operator of the tunnel that links Britain and France, Eurotunnel, said that commercial and tourist traffic using its car and coach shuttle service had fallen sharply in 2004, leading to a drop in operating revenues of 4%. Eurotunnel's chief executive, Jean-Louis Raymond, blamed cut-throat competition from budget airlines." (news story, January 2005)
a. If Mr. Raymond is correct, are the services of airlines and Eurotunnel substitutes or complements? b. Use demand and supply analysis to explain how lower airfares between Paris and London impact the market for the shuttle services of Eurotunnel.