According to ________, in a market with an externality, private parties would voluntarily negotiate an efficient outcome without government intervention
A) A. C. Pigou B) John Maynard Keynes
C) Adam Smith D) Ronald Coase
D
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When Americans or foreigners expect the return on ________ assets to be high relative to the return on ________ assets, there is a ________ demand for dollar assets, everything else held constant
A) dollar; foreign; constant B) dollar; foreign; higher C) foreign; dollar; higher D) foreign; dollar; constant
After reading the chapter on elasticity, which of the following statements do you know is not true? a. Price elasticity of demand for basic foods is low. b. When price elasticity of demand is very high, the seller can raise price with confidence knowing that only a few buyers will leave the market
c. The availability of close substitutes affects the elasticity of demand for a good. d. Goods that are low priced usually have price elasticities of demand that are low as well. e. Elasticities increase as the price of the good increases.
Which of the following industries would be considered to have a capital intensive production process?
A. Serving food at a restaurant. B. Creating a hand-crafted wine. C. Farming in a rich country D. Creating a painting.
When two variables have a direct relationship, the slope is
A. zero. B. positive. C. negative. D. infinity.