The new $20 bills are being introduced by the U.S. Treasury primarily to diminish
A. inflation.
B. poverty.
C. counterfeiting.
D. bank failures.
Answer: C
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Which of the following describes the asymmetry Moncur Olson observed in the incentives to support and oppose trade policy?
A) The benefits of those seeking protection outweigh the costs imposed by the protection. B) The benefits of protection are spread out over a large number of firms and industries, but the costs are concentrated on consumers. C) The benefits of policy are concentrated, and the costs are spread out over a large number of participants. D) The costs of protection are concentrated on a few firms, and the benefits of protection are spread out over a large number of consumers.
The managers of government bureaucracies have an incentive to _____
a. maximize the size of their budgets b. minimize the size of their staff c. maximize the profits from their bureaus d. minimize rent-seeking
Using fiscal and monetary policies to deal with a demand shock ______.
a. will prevent the occurrence of a supply shock b. will create a negative supply shock c. is more effective than using them to deal with a supply shock d. is less effective than using them to deal with a supply shock
When the demand for a product does not fluctuate when there is a change in price, the good is ________.
a. inelastic. b. elastic. c. unit elastic. d. perfectly inelastic.