A tax levied on each unit of pollution is
A. an income tax.
B. a emissions fee.
C. a flat tax.
D. an international tax.
B. a emissions fee.
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The substitution effect of an increase in the price of peaches is
A) the change in the quantity of peaches demanded that results from the effect of the change in the price of peaches on the consumer's purchasing power. B) the change in the demand for nectarines (a substitute good) that results when peaches become more expensive relative to nectarines, holding constant the effect of the price change on consumer purchasing power. C) the change in the demand for peaches that results when the price of peaches increases. D) the change in the quantity demanded that results from a change in the price of peaches, making peaches more expensive relative to other goods, holding constant the effect of the price change on consumer purchasing power.
Banks would be expected to minimize holding excess reserves because this practice is:
a. illegal. b. not profitable. c. technically difficult. d. subject to a stiff excess reserves tax.
If the price of a typical good falls, the quantity supplied for that good will
A. automatically increase to zero. B. remain the same. C. decrease. D. increase.
Consider a world of two countries facing opportunity costs and producing only wheat and cloth. In one hour, residents of Country A can produce a maximum of either 1 unit of wheat or 0.5 unit of cloth, whereas residents of Country B can produce a maximum
of either 0.3 unit of wheat or 0.4 unit of cloth. Country B should export A) wheat and cloth; country A should not export anything. B) wheat and country A should export cloth. C) nothing and country A should export both wheat and cloth. D) cloth and country A should export wheat.