Under the gold standard, an outflow of gold from the United States
A. would increase the U.S. money supply.
B. would create a trade deficit.
C. would create a trade surplus.
D. would decrease the U.S. money supply.
D. would decrease the U.S. money supply.
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An externality is defined as
A. an opportunity cost that is not considered, which causes inefficiency. B. a social cost that affects parties external to a transaction. C. a transaction that imposes a loss on one of the parties involved. D. a “cost of doing business” that cannot be allocated to any particular good. E. the increase in cost associated with increased production.
A successful market economy requires well defined property rights and
A) a safety net to ensure that those who cannot participate in the market economy can earn an income.
B) detailed government regulations.
C) balanced supplies of all factors of production.
D) an independent court system to adjudicate disputes based on the law.
The total dollar amount of excise taxes people pay each year depends on ______.
a. income level b. purchases of certain products c. net worth d. returns from investments
Which of the following is NOT a stock variable?
A. government debt B. the labor force C. the amount of money held by the public D. inventory investment