Which of the following would likely lead to a tragedy of the commons?
a. Causing a reduction in the fish population by overfishing an area
b. Polluting the ocean and causing the death of numerous fish varieties
c. Allowing professional fishermen to fish in international waters
d. Failing to regulate the practices of the fishing industry
a. Causing a reduction in the fish population by overfishing an area
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Potential GDP is the level of
A) real GDP that the economy would produce if it was at full employment. B) nominal GDP that the economy would produce if it was at full employment. C) real GDP that the economy would produce if there was no inflation. D) nominal GDP that the economy would produce if there was no inflation. E) real GDP that the economy would produce if there was no unemployment.
If the Fed wishes to decrease the money supply it could
a. decrease the discount rate. b. decrease reserve requirements. c. sell government securities on the open market. d. Do any of the above.
Central banks can use monetary policy to
What will be an ideal response?
Charlie will purchase 10 percent more cans of Coke if the price of a can of Coke falls by 5 percent. Charlie's price elasticity of demand for cans of Coke is:
A. 1/2. B. 5. C. 10. D. 2.