The velocity of money is 3. If nominal GDP is $1,500 billion then the stock of money is
A. $300 billion.
B. $500 billion.
C. $4,500 billion.
D. $7,500 billion.
Answer: B
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Public goods legislation involves
a. widespread benefits and concentrated costs b. widespread benefits and widespread costs c. concentrated benefits and widespread costs d. concentrated benefits and costs e. regulating natural monopolies to avoid price gouging
___________ said that a person pursuing his own interest, "frequently promotes that of society more effectively than when he really intends to promote it."
Fill in the blank(s) with the appropriate word(s).
Assuming that the marginal social benefit (MSB) of environmental quality is known, then
a. theMSB represents the demand for environmental quality b. total social benefits (TSB) of abatement, A1, can be captured as an area under the MSB up to A1 c. incremental benefits are measured as an area under the MSB between the pre- and post-policy abatement levels d. all of the above e. none of the above
Assume the market in the graph shown with demand D and supply S1 is in equilibrium at a quantity of 5 units. Consumer surplus is:
A. $5.
B. $10.
C. $45.
D. $9.