In the last few decades there has been little progress in lowering the barriers to international trade
Indicate whether the statement is true or false
FALSE
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Jones is hungry, but is willing to postpone lunch as long as he can have a much larger meal at dinner. The compensation of the larger meal at dinner time suggests that Jones
A) is a glutton. B) acts irrationally because it is best to have three meals a day. C) has a positive rate of time preference with regard to today's meals. D) does not consider lunch to be a scarce good.
For society as a whole, the optimal amount of pollution control exists when: a. the marginal cost of pollution reduction is equal to the marginal benefit of the pollution reduction. b. firms are allowed to produce as much pollution as necessary to make the goods people want. c. the marginal costs of pollution clean up exceed the benefits
d. no pollution is permitted at all.
Which of the following scenarios would result in economic growth in the country of Everland?
a) GDP and prices double. b) GDP and population doubles, while prices remain the same. c) Population doubles while GDP and prices remain the same. d) GDP doubles while prices remain the same.
When the money market is drawn with the value of money on the vertical axis, an increase in the money supply causes the equilibrium value of money
a. and equilibrium quantity of money to increase. b. and equilibrium quantity of money to decrease. c. to increase, while the equilibrium quantity of money decreases. d. to decrease, while the equilibrium quantity of money increases.