A benefit-based standard
a. is one that balances social benefits with social costs, at the margin
b. achieves allocative efficiency
c. achieves a cost-effective level of pollution abatement
d. is set to improve society’s well-being without consideration for costs
d. is set to improve society’s well-being without consideration for costs
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For the classical economists, the quantity theory of money provided an explanation of movements in the price level. Changes in the price level result
A) from proportional changes in the quantity of money. B) primarily from changes in the quantity of money. C) only partially from changes in the quantity of money. D) from changes in factors other than the quantity of money.
Suppose we have an economy in which G = 1100, t = 0.26, Y = 3800, and YN = 4000. At Y, the actual deficit is
A) 60. B) 200. C) 112. D) 286. E) -60.
The new classical explanation of aggregate supply is also known as
A) Monetarism. B) Keynesianism. C) the misperception theory. D) the adaptive expectations theory.
The price elasticity of demand coefficient for a good will be greater:
a. if close substitutes exist. b. if minor complements exist. c. in the short-run. d. if a small portion of the budget will be spent on it.