A _________ lien takes precedence over all other types of liens
Fill in the blank(s) with the appropriate word(s).
Answer: superior
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The term "deadweight loss" or "excess burden" is used to describe the
a. expenditures on exercise and weight-reducing programs by individuals who are overweight. b. loss from the elimination of mutually beneficial exchanges that results from the imposition of a tax in a market. c. difference between the value consumers place on a good and the price they have to pay for it. d. reduction in consumer welfare that occurs when the firms in a market make a profit.
Fluctuations in employment and output result from changes in
a. aggregate demand only. b. aggregate supply only. c. aggregate demand and aggregate supply. d. neither aggregate demand nor aggregate supply.
If real GDP is less than potential GDP, then:
A. the output gap is positive. B. the actual unemployment rate is less than the natural rate of unemployment. C. the actual unemployment rate equals zero. D. the actual unemployment rate is greater than the natural rate of unemployment.
The combined size and income effects of the Uruguay Round tend to
A. decrease nitrogen dioxide emissions in the European Union and Japan. B. increase carbon monoxide emissions in developed countries. C. decrease pollution levels worldwide by more than one percent. D. increase pollution levels in developing countries.