All of the following means were used to reduce problems associated with the circulation of commercial bank notes except:
a. a pledge by the Treasury to accept all bank notes issued by state-chartered banks.
b. anti-counterfeiting associations formed by commercial banks.
c. bank note reporters and counterfeit detectors, such as Thompson's Reporter and Hodges' Bank Note Safeguard.
d. note brokers who bought and sold commercial bank notes.
a. a pledge by the Treasury to accept all bank notes issued by state-chartered banks.
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Which of the following items is not a component of the expenditure approach to measuring U.S. GDP?
A) purchases of food made by families B) Social Security payments made by the government C) purchases of U.S.-made movies by Europeans D) purchases of new homes made by families
The burden of a tax per unit of output will fall heavily on consumers when demand is relatively ________ and supply is relatively ________
A) inelastic; elastic B) inelastic; inelastic C) elastic; elastic D) elastic; inelastic
If the demand curve for a good is a vertical line at Q = 1, then a decrease in the price of that good will:
A. decrease the quantity demanded. B. lead the quantity demanded to fall to zero. C. increase the quantity demanded. D. not change the quantity demanded.
If a producer must pay the cost of his or her pollution because property rights have been assigned, then
A) pollution will be completely eliminated. B) the supply curve will shift rightward as the new costs are added. C) the supply curve will shift leftward as the new costs are added. D) consumers will now consume more of the good because the external costs are reduced. E) there is no longer any marginal benefit from the good or service being produced.