A demand curve of the form: Q = a - bP, where a and b are positive real numbers,:
A) is an upward sloping straight line.
B) has a constant price elasticity of demand.
C) is a downward sloping straight line.
D) is a parabolic curve.
C
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What is the length of a term for the Chairman of the Board of Governors?
A) one year B) four years C) 14 years D) 28 years
Receiving a voucher for an apartment in a public housing project would be an example of a good that satisfies
A) the principle of rival consumption. B) the definition of a public good. C) the definition of a good with a positive externality. D) the nonexclusion principle.
Cartel members have a collective interest in ____ industry output and a private interest in ____ their own output
a. increasing; increasing b. increasing; decreasing c. decreasing; increasing d. decreasing; decreasing
A system of tradable air pollution permits has the advantage of
A. eliminating all environmental liability for participating polluters. B. ensuring that the goal amount of abatement occurs at the lowest social cost. C. rewarding efficient abatement effort at the expense of inefficient abatement efforts. D. reducing the total amount of air pollution.