Because people are more willing to trade away goods that they have in abundance and less willing to trade away goods of which they have little, indifference curves are ___________
Fill in the blank(s) with correct word
bowed inward
strictly convex
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Refer to the Article Summary. The additional tax of $2 per pack of cigarettes being proposed by Senator Pan would have which of the following effects on the market for cigarettes in California?
A) Producer surplus will increase. B) Market efficiency will increase. C) Deadweight loss will decrease. D) Consumer surplus will decrease.
You are given the following information
Savings S = 150 Investment I = 100 Taxes T = 250 Government Purchases G = 500 Compute the level of private savings, public savings, national savings, and net exports.
During World War II, the Fed in effect relinquished its control of monetary policy through its policy of
A) continually lowering reserve requirements. B) continually raising reserve requirements. C) pegging interest rates. D) targeting free reserves.
Which of the following statements is true?
A) An explicit cost is an actual cost; an implicit cost is a theoretical cost. B) Economic costs include both explicit costs and implicit costs. C) An explicit cost is more important, dollar for dollar, than an implicit cost. D) Explicit costs are accounting costs, not economic costs; implicit costs are economic costs, not accounting costs.