The successful introduction and adoption of a new product or process is called
What will be an ideal response?
innovtion
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When the production of a good creates an external cost, one method of achieving the efficient allocation is to impose a tax such that
A) MC + tax = MSC. B) MC - tax = MSB. C) MB + tax = MSC. D) MB - tax = MSB.
Everything else held constant, a decrease in the required reserve ratio on checkable deposits will mean
A) a decrease in the money supply. B) an increase in the money supply. C) a decrease in checkable deposits. D) an increase in discount loans.
The above figure shows the market for rice in Japan. S2 represents the domestic supply curve, and S1 represents the world supply curve. Suppose a free market exists
If a $1 per unit tariff is imposed on imported rice, the quantity of imported rice will decrease by A) 10 units. B) 20 units. C) 30 units. D) 40 units.
Which of the following is not true of an economic expansion?
a. The economy is overheated. b. There is too much spending. c. Production exceeds equilibrium output. d. The aggregate expenditure line is too low to create an intersection at full-employment output. e. Unemployment will be unusually low.