An increase in the price of gasoline will lead to a(n)
a. increase in the supply of gasoline
b. decrease in the supply of gasoline
c. no change in the supply of gasoline
d. decrease in the quantity of gasoline supplied
e. increase in the quantity of gasoline supplied
D
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When economists propose taxes as a way to balance out the presence of externalities, they try to propose taxes:
A. on the action that creates the externality, rather than the externality itself. B. based on the externality itself, rather than the action that creates it. C. on what is simplest to implement. D. on what will likely generate the most revenue.
If diminishing marginal returns is in effect
A) marginal costs fall. B) marginal costs rise. C) average costs fall. D) average revenue is constant.
Which statement is true?
A. Open market operations are carried out by the President and Congress. B. The rate of growth of our money supply is set by law. C. The most powerful policy weapon of the Federal Reserve is raising and lowering the discount rate. D. The President's appointment of the chairman of the Federal Reserve must be approved by Congress.
Which of the following is not a reason that capital deepening is an important source of economic growth?
(A) More investment funds are made available to businesses. (B) Investment in human capital causes workers to be more valuable to employers. (C) Enhanced training programs improve the productivity of workers. (D) More physical capital improves efficiency and productivity.