Goods and services sold to foreign sources are known as:
A.Exports.
B. Imports.
C. Tariffs.
D. Quotas.
A.Exports.
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When young students are hungry, they can be disruptive and inattentive in class. Thus, providing lunch to students has external benefits. The figure above represents the market for school lunches before and after government vouchers are issued
a. What is the unregulated private market equilibrium? b. What is the efficient quantity of lunches? c. What is the amount of the voucher necessary to move the economy to the efficient number of lunches? d. When vouchers are used, what is the dollar price of the lunch that suppliers receive and what is the dollar price that consumers pay when the voucher is used?
Classical economists think general equilibrium is attained relatively quickly because
A) the real interest rate adjusts quickly. B) the level of output adjusts quickly. C) the real wage rate adjusts quickly. D) the price level adjusts quickly.
The thought behind Say’s law is that each time a good or service is produced and sold, it generates _______________ that is earned for someone else.
a. debt b. utility c. goodwill d. income
Suppose a national government increased its deficit and had to borrow $25 billion. The net effect on the banking system would be to:
a. Reduce bank reserves by $25 billion and reduce bank deposits by $25 billion. b. Increase bank reserves by $25 billion and increase bank deposits by $25 billion. c. Decrease government checking accounts in the banking system by $25 billion and increase the public's checking accounts there by $25 billion. d. Increase government checking accounts in the banking system by $25 billion and increase the public's checking accounts there by $25 billion. e. Increase government checking accounts in the banking system by $25 billion and reduce the public's checking accounts there by $25 billion.