A local park filled with picnickers is
a. excludable and rival in consumption.
b. excludable and not rival in consumption.
c. not excludable and rival in consumption.
d. not excludable and not rival in consumption.
c
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The ________ the Herfindahl-Hirschman Index, the ________
A) lower; more concentrated the industry B) higher; more concentrated the industry C) higher; less concentrated the industry D) lower; higher the profits earned in the industry
If bank depositors in the U.S. suddenly decided to withdraw in currency everything in their checking accounts, commercial banks would
A) be better off because their legally required reserves would decline. B) be unable to meet their demands and would become insolvent. C) borrow the required Federal Reserve notes to meet the requests for currency. D) give them the currency held in their vaults as backing for the checking accounts. E) refuse to honor their requests for 30 days.
Why is the debate between the international dependence and the neoclassical counter-revolution schools referred to as "finger pointing?"
What will be an ideal response?
The production side efficiency loss of a tariff is caused by
A) confusion about prices when a tariff is imposed. B) higher profits gained by foreign producers. C) the expansion of relative inefficient domestic production. D) the contraction of domestic consumption. E) the increase in government revenue.