Special Drawing Rights are financial assets created by
(a) the World Bank.
(b) the United National Development Program.
(c) multinational corporations.
(d) the International Monetary Fund.
D
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Which of the following statements is not correct?
a. Private markets tend to over-produce products with negative externalities. b. Private markets tend to under-produce products with positive externalities. c. Private parties can bargain to efficient outcomes even in the presence of externalities. d. Private parties are usually more successful in achieving efficient outcomes than government policies in the presence of externalities.
Economists do not think price discrimination is unfair because
A. people with higher incomes should pay higher prices than those with lower incomes. B. if the prices charged to some buyers get too high, those who are able to buy at lower prices will just resell their purchases to the people facing the high prices. C. economists are concerned with efficiency rather than fairness. D. more buyers are able to purchase the good with price discrimination, some buyers pay a lower price than if there were a single price, and sellers earn higher profit than if there were a single price.
To prevent obesity, the government may establish a tax on high caloric foods, such as twinkies. A twinkie tax will have the smallest impact on quantity demanded when the demand curve for twinkies is
A) perfectly elastic. B) perfectly inelastic. C) more elastic than the supply curve. D) both A and B.
The notion of creative destruction suggests that
A. people are not well-trained enough to keep the jobs they have. B. people need to lose their jobs involuntarily to seize better opportunities. C. it is always easier to scramble an egg than to unscramble one. D. people are generally lazy and that losing a job shakes them out of that.