Ronald Coase's analysis of externalities emphasizes the importance of:
a. command-and-control regulations.
b. effluent taxes.
c. property rights.
d. international sovereignty.
c
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If the population is 300 million, with 70 million under the age of 16 and institutionalized, another 70 million not in the labor force, 10 million unemployed and 150 million employed, the unemployment rate is
A) 23.3 percent. B) 6.7 percent. C) 6.25 percent. D) 26.7 percent.
When prices are rising, which of the following will be true?
A) The real interest rate will be lower than the nominal interest rate. B) The real interest rate will be higher than the nominal interest rate. C) The real interest rate will be negative. D) The nominal interest rate will be negative.
One of the major weaknesses of the original Keynesian approach to the business cycle was
A) the assumption that firms were perfectly competitive. B) the failure to explain why wages were rigid. C) the denial of the existence of the Pigou effect. D) the assumption that the demand for labor depended on the real wage.
Some central banks pursue price stability before they pursue other goals. Which of the following central banks have this kind of hierarchical mandate?
i. Bank of England ii. Bank of Canada iii. European Central Bank iv. Federal Reserve (U.S.A.) A) i, ii, and iv only B) i and iii only C) i and iv only D) ii, iii, and iv only E) none of the above