According to your text, controversies about negative externalities are almost always conflicts between the legitimate expectations of citizens and the
A) desire of individuals for greater profits.
B) desire of politicians to be reelected.
C) legitimate expectations of other citizens.
D) mindless urge for more material goods.
E) strident demands of environmentalists.
C
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The national debt is best described as the:
a. amount by which this year's federal spending exceeds its taxes. b. value of all U. S. Treasury bonds owned by foreigners. c. sum of all federal budget deficits, past and present. d. percentage of GDP needed to finance a country's investment.
In the hard-landing scenario the ability of the Fed to respond
a. is unlimited b. is constrained because their inclination to raise interest rates would further compound the value of the dollar problem. c. is constrained because their inclination to lower interest rates would further compound the value of the dollar problem. d. limited because the resulting boom would run out of control. e. is constrained because their inclination to lower taxes would depress tax revenues.
Table 1.3 shows the hypothetical trade-off between different combinations of brushes and combs that might be produced in a year with the limited capacity for Country X, ceteris paribus.Table 1.3Production Possibilities for Brushes and CombsCombinationNumber of combsOpportunity Cost(Foregone brushes)Number of brushesOpportunity Cost (Foregone combs)J4 0NAK3 10 L2 17 M1 21 N0NA23 On the basis Table 1.3, what is gained from producing at point L rather than point K?
A. 10 combs. B. 7 brushes. C. 1 brush. D. 17 combs.
In economic terminology, a normal good is a good
A. for which demand increases when price increases. B. for which demand increases when income increases. C. that is liked only by normal people. D. on which a monetary value cannot be placed.