If a tripling of price triples the quantity of a good supplied, the price elasticity of supply for this good is:
a. 3.
b. 300.
c. 1.
d. ?1.
e. ?3.
c
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A government regulation that bans the use of a certain polluting technology in the production of a good is an example of a ________ to solve an externality
A) social enforcement mechanism B) command and control approach C) market-based approach D) Coasian approach
If firms in an industry are generating knowledge that other firms can use without paying for it, this industry is characterized by
A) social costs that exceed private costs. B) social benefits that exceed private benefits. C) social costs that exceed social benefits. D) private benefits that exceed social benefits. E) social benefits that undermine private benefits.
Democracy is ______________ to economic growth.
A. clearly linked and is essential B. clearly linked and is not essential C. not so clearly linked, yet seems to be essential D. not so clearly linked and does not seem to be essential
Based on the table showing a summary of fiscal policy tools, the prescription for high unemployment is ______.
a. increasing aggregate demand through expansionary policy
b. decreasing aggregate demand through contractionary policy
c. increasing income and business tax rates
d. decreasing government transfer payments and purchases