Robert Fogel's upper bound estimate of the social savings from the railroad industry came to about ____ of the GNP in 1890
a. 7
b. 15
c. 20
d. 120
a. 7
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Savings deposits are ________ the M1 measure of money and ________ the M2 measure of money.
A. included in; included in B. excluded from; included in C. excluded from; excluded from D. included in; excluded from
Suppose when the price of coffee beans goes from $1 to $1.20 per pound, production increases from 90 million pounds of coffee beans to 110 million pounds per year. Using the mid-point method, the percentage change in quantity supplied is:
A. 20 percent B. 18 percent C. 0.6 D. 6.0
The U.S. Postal Service has found its monopoly eroded over time because
a. the demand for mail delivery has become more inelastic b. Congress has taken away their monopoly over first-class mail c. the U.S. Postal Service cannot handle the volume of transactions d. the price of stamps has increased relative to other substitutes, such as the telephone, email, and online transactions e. of the decline in the use of fax machines
A positive externality exists and government wants to impose a subsidy in order to bring about an efficient outcome. To accomplish its objective, government must set the subsidy equal to marginal
A) private cost. B) social benefit. C) external cost. D) social cost. E) external benefit.