When the value of the U.S. dollar fell in the mid-1990s, it:
A. discouraged U.S. imports and exports.
B. encouraged U.S. imports and exports.
C. encouraged U.S. imports and discouraged U.S. exports.
D. discouraged U.S. imports and encouraged U.S. exports.
Answer: D
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Which of the following statements is correct?
a. Marginal social cost is the share of marginal cost caused by an activity that is paid for by the persons who carry out the activity. b. Marginal private cost is the share of marginal cost caused by an activity that is borne by persons other than those who carry out the activity. c. Marginal social cost is the sum of marginal private cost and incidental cost. d. Marginal private cost and incidental cost are one and the same.
Usury laws are often politically popular because
a. few people sympathize with banks and other lenders who are suspected of price gouging. b. consumers are in favor of the lower lending rates. c. those concerned with affordable housing for the poor favor ceilings on mortgage rates. d. All of the above are correct.
According to the Keynesian view, if an economy was operating at long-run equilibrium, an increase in government expenditures (holding taxes constant) would
a. be inflationary. b. lead to a recession. c. lower the real rate of interest. d. reduce the size of the national debt.
The demand curve for a good is a line that relates
a. price and quantity demanded. b. income and quantity demanded. c. quantity demanded and quantity supplied. d. price and income.