Say’s law and Keynes’ law can both be illustrated in the ______________ model.
a. input/output
b. circular flow
c. AD/AS
d. neoclassical
c. AD/AS
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Which of the following is the Fed's monetary policy instrument?
A) the demand for reserves B) the supply of reserves C) the federal funds rate D) the core inflation rate E) the output gap
Outcomes are fair according to the
A) rules view if private property rights are established and trade is voluntary. B) results view if private property rights are established and trade is voluntary. C) rules view if there is not too much inequality. D) results view if there is not a big tradeoff. E) results view if there is equality of opportunity.
The table above describes the market for paper. The production of paper produces pollution. There are no external benefits. Now suppose a Pigovian tax is successfully implemented and the efficient quantity of paper is produced
What is the total tax revenue collected by the government per week? A) $120 B) $840 C) $1,200 D) $1,800
In the figure above, with no government involvement and if the colleges are competitive, what is the deadweight loss?
A) $12 billion per year B) $6 billion per year C) $4 billion per year D) zero