The London Convention 1972 and the 1996 Protocol are aimed at the problem of
a. acid rain
b. ozone depletion
c. climate change
d. dumping wastes at sea
d. dumping wastes at sea
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When the federal government insures large financial institutions against losses, the problem of _____ arises.
a. paradox of thrift. b. fallacy of composition. c. moral hazard. d. distribution.
For a demand schedule, which of the following is held constant?
A) relative prices B) quantity demanded C) quality of the good D) nominal prices
Taxes are costly to market participants because they
a. transfer resources from market participants to the government. b. alter incentives. c. distort market outcomes. d. All of the above are correct.
People will choose to specialize and trade if they can acquire the goods they want:
A. from a capitalistic system of exchange. B. from someone who is willing to trade with them. C. at a lower cost than it would cost them to make the goods themselves. D. at a higher cost than it would cost them to make the goods themselves.