The annual growth rate of an economy is 10 percent. The economy's GDP will double in about ________ years
A) 12 B) 10 C) 20 D) 7 E) 14
D
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The marginal cost of enforcement (MCE)
a. is the additional cost incurred by government to monitor and enforce abatement activity b. is a negatively sloped function c. can be measured as the vertical sum of MACmkt and MSC at any abatement level d. represents the horizontal sum of all polluters’ MAC functions
Which of the following is TRUE?
A) When resources are allocated on the basis of personal characteristics, all people who are willing and able to pay the price get the resource. B) When the range of activities to be monitored is large and complex, a command system allocates resources better than a market price. C) When a market price allocates resources, some people who are willing and able to pay that price don't get the resource. D) Force helps support the legal system on which markets function.
Which of the following is NOT an example of a transfer payment?
A. the salaries received by social workers employed by the federal government B. food stamps C. unemployment compensation D. social security payments
Figure 18-2
illustrates supply and demand for U.S. dollars and British pounds in the foreign exchange market. Which of the following would cause the demand for foreign exchange (pounds) to shift from D1 to D2?
a.
an increase in the real interest rate in Britain relative to the United States
b.
higher inflation in Britain than in the United States
c.
higher income growth in Britain than in the United States
d.
an increase in the number of British citizens vacationing in the United States