Most modern economic analysis is normative in nature, but involves questions with positive aspects.
Answer the following statement true (T) or false (F)
False
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Adam Smith noted in 1776 that
A. the wealth of nations comes from the money the nations have accumulated. B. the wealth of nations comes from the gold the nations have accumulated. C. the wealth of nations comes from the resources that produce the nation's goods and services. D. the problem of scarcity had been licked.
In the above figure, what is the total consumer surplus from all the milk bought if the price of milk is $3.00 per gallon?
A) $16 million B) $12 million C) $4 million D) $2 million
C. stayed relatively low, due to the lack of lending by banks, reducing the effectiveness of the money multiplier.
A. import, because they are assembled in China. B. import, because they are assembled in Mexico. C. export, because they are assembled in China. D. export, because they are produced in the U.S.
In the multiple-polluter case, each firm faced with an emission charge imposed as a marginal tax (MT) abates as long as
a. its MAC