Technological spillover ________
A) is made possible by the nonrivalry of ideas
B) generates an increase in both capital and labor
C) is caused by population growth
D) is caused by population decline
A
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Use the following general linear demand relation:Qd = 100 - 5P + 0.004 M - 5PR where P is the price of good X, M is income, and PR is the price of a related good, R.What is the demand function when M = $50,000 and PR = $10?
A. Qd = 100 - 5P B. Qd = 350 - 5P C. Qd = 300 - 5P D. Qd = 200 - 5P E. none of the above
Which of the following occurs when a market is in equilibrium?
A. The price of the good will tend to rise, all else held constant. B. The price of the good will tend to fall, all else held constant. C. Quantity supplied is equal to quantity demanded. D. Quantity supplied is more than quantity demanded to satisfy all consumers.
Assume that emissions from electric utilities contribute to pollution in the form of acid rain. Which of the following describes how this affects the market for electricity?
A) The equilibrium in the market is not efficient; the marginal benefit from electricity is greater than the marginal social cost. B) A deadweight loss occurs; at equilibrium the additional social cost of production is greater than the additional benefit to consumers. C) The equilibrium in the market is not efficient; because of the cost of the acid rain, economic efficiency would be greater if more electricity were produced. D) The equilibrium in the market is not efficient; consumer surplus is equal to producer surplus.
In 2001 the U.S. Congress did all of the following except
A. Reduce acreage set-asides. B. Increase loan deficiency payments. C. Increase existing subsidies paid to farmers. D. Create new subsidy programs.