Which of the following is a political function of government but is NOT a central economic function?
A) determining who has a right to vote
B) determining government-sponsored and government-inhibited goods
C) providing a legal system to adjudicate property rights
D) redistributing income from some individuals to others
Answer: B
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Every economic decision involves a trade-off because of
A. theory. B. opportunism. C. consumption. D. scarcity. E. efficiency.
The Basel Accord requires banks to hold as capital an amount that is at least ________ of their risk-weighted assets
A) 10% B) 8% C) 5% D) 3%
A former senator remarked that "We cannot give anyone the option of polluting for a fee.". Do most economists agree with this statement, or do they disagree with it?
Under deferred compensation packages,
A) a moral hazard occurs if a firms fires a good worker before the worker receives her deferred compensation. B) a moral hazard occurs if workers decide not to shirk so as to receive the deferred compensation. C) moral hazards are avoided. D) workers' wages are below their marginal revenue product as they near retirement.