The primary differences in economic structure among different countries relate to ownership of resources and the manner in which economic activities are coordinated
a. True
b. False
A
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Explain the argument for why taxing externalities is an economically legitimate distortion
What will be an ideal response?
Using hindsight to judge whether buying insurance was a good idea or not:
A. is the only way to properly measure the true cost of the insurance and its benefit. B. is not a good idea; you have to measure the decision considering the information available at the time. C. can prove that a good decision at the time was really not worth it. D. is commonly used by people who wish to buy insurance in the future.
During the last half of 2012, the U.S. unemployment rate was just under 8 percent. Historical experience suggests that this is
a. above the natural rate, so real GDP growth was likely low. b. above the natural rate, so real GDP growth was likely high. c. below the natural rate, so real GDP growth was likely low. d. below the natural rate, so real GDP growth was likely high.
Which of the following will definitely occur when there is an increase in demand for and a decrease in supply of milk?
A. a decrease in equilibrium price B. a decrease in equilibrium quantity C. an increase in equilibrium quantity D. an increase in equilibrium price