Which of the following is a characteristic of most offshore financial centers?
A) strict domestic regulation
B) minimal banking activities
C) large foreign currency markets
D) nominal or non-existent tax rates
C) large foreign currency markets
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If tastes are homothetic, there exists a utility function (that represents those tastes) such that the indirect utility function is homogeneous of degree 1 in income.
Answer the following statement true (T) or false (F)
Some years ago New York City imposed rent controls in an effort to provide housing at “fair” prices for as many people as possible. The result was a serious shortage of housing and deterioration of existing rental properties. How would an economist have described the result in terms of economic efficiency?
What will be an ideal response?
An import quota is the same as an import ban.
Answer the following statement true (T) or false (F)
GNP minus depreciation is
A. retained earnings. B. NNP. C. GDP. D. national income.