China chooses to have ________ and ________ and therefore, cannot have free capital mobility at the same time
A) a fixed exchange rate; no control of monetary policy
B) a fixed exchange rate; an independent monetary policy
C) a flexible exchange rate; an independent monetary policy
D) a flexible exchange rate; no control of monetary policy
B
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Which of the following statements is FALSE?
A) When the relative price of a good falls, the substitution effect always leads the consumer to substitute more of that good for the other good. B) For a normal good, the income effect reinforces the substitution effect. C) For an inferior good, the income effect offsets the substitution effect. D) For an inferior good, the income effect is positive.
The game rock-paper-scissors has
A) a mixed strategy equilibrium. B) a dominant strategy equilibrium. C) no equilibrium. D) a pure strategy equilibrium.
Many economists believe that the U.S. tax system would be made more efficient if the basis of taxation were changed so that people paid taxes, more so than they do now, based on their
a. saving rather than their income. b. spending rather than their income. c. income rather than their wealth. d. wealth rather than their spending.
The table below shows the marginal benefit and marginal cost of purchasing an additional unit of 3 different public goods. Marginal benefitMarginal costTotal spending on the public goodPublic good 1$20$20$1,500Public good 2$15$25$800Public good 3$10$5$700 Total economic surplus could be increased by reallocating total spending away from
A. public good 2 toward public good 3. B. public good 2 toward public good 1. C. public good 1 toward public good 3. D. public good 3 toward public good 1.