The pollution emitted by a factory is an example of_____
a. an externality
b. the free-rider problem
c. asymmetric information
d. the common-pool problem
a
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Contractionary monetary policy causes
A) aggregate demand to fall and the price level to rise. B) aggregate demand to rise and the price level to rise. C) aggregate demand to rise and the price level to fall. D) aggregate demand to fall and the price level to fall.
There are several motives for holding assets in the form of money. What are they? Provide an example of each
Liberalism is the political philosophy espoused by
a. Robert Nozick. b. John Stuart Mill. c. John Rawls. d. Jeremy Bentham.
In Book 23 of Homer's Iliad are these words: "The winner was to acquire a fire-straddling tripod valued at twelve oxen by the Akhaians. As for the loser, in their midst Akhilleus placed a woman versatile at crafts, whose value was four oxen." What does this passage tell us about economics in the Iliad?
A. Oxen were used as the medium of exchange. B. Oxen were used as the unit of account. C. Oxen were the best way to store wealth. D. Oxen were used as legal tender.