Contrary to most thinking, governments play ____ in causing pollution.
A. almost no role
B. a large but decreasing role
C. a major role
D. a reconstructive role
Answer: C
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The additional cost to a firm of producing one more unit of a good or service is the
A) total cost. B) opportunity cost. C) marginal cost. D) minimum cost.
The labor supply curve may have a backward-bending portion if, at higher wages, the income effect is
a. smaller than the substitution effect. b. larger than the substitution effect. c. negative. d. Any of the above could result in a backward-bending supply curve.
According to the doctrine of purchasing-power parity, which of the following should depreciate if over the next year the inflation rate is higher in the U.S. than in the Euro area?
a. both the U.S. real exchange rate and the U.S. nominal exchange rate b. the U.S. real exchange rate, but not the U.S. nominal exchange rate c. the U.S. nominal exchange rate, but not the U.S. real exchange rate d. neither the U.S. nominal exchange rate nor the U.S. real exchange rate
Answer the following statements true (T) or false (F)
1. Investment is ultimately limited by the amount of savings in the economy. 2. The opportunity cost of investment is a reduction in future consumption 3. Businesses are the main economic investors, while households are the main savers. 4. Economists believe that most short-run fluctuations are the result of supply shocks. 5.When prices are inflexible, the economy will respond to demand shocks through short run changes in output and unemployment.