A production function assumes a given
A) technology.
B) set of input prices.
C) ratio of input prices.
D) amount of capital and labor.
E) amount of output.
A
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The price elasticity of demand for a printer is estimated to be 1 no matter what the price or quantity demanded. An increase in price by 10% will
a. Increase quantity demanded by 10% b. Decrease quantity demanded by 10% c. Increase demand by 10% d. Decrease demand by 10%
Which of the following has not been used by the US government to limit overfishing in US waters?
a. laws to limit the total catch b. laws to limit the size of fish caught c. price floors on fish d. limits to the length of the fishing season e. limits to the types of fishing equipment used
Adjudication reduces problems created by negative externalities by
A) assigning liability to the party most able to pay (the deep pocket).
B) balancing marginal social benefits against marginal social costs.
C) discovering who has what rights.
D) making more accurate private benefit-cost analyses.
E) measuring externalities more precisely.
If the Fed decreases the reserve requirement, it will likely:
A. decrease the amount of excess reserves which will eventually decrease the money supply. B. increase the amount of excess reserves which will eventually increase the money supply. C. increase the amount of excess reserves which will eventually decrease the money supply. D. decrease the amount of excess reserves, which will eventually increase the money supply.