When the government issues ration coupons, it is an indication that government has prohibited the use of which rationing mechanism?
a. merit
b. military service
c. family size
d. price
e. age
D
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Data on exports and imports for the United States over the period from 1890 to 2008 show that
A) the United States had large trade deficits throughout this entire period. B) the United States had large trade surpluses throughout this entire period. C) the percentage of total output exported by U.S. firms fell dramatically during World War I and World War II. D) a higher percentage of U.S. goods was exported in recent years than in earlier years.
An unregulated paper firm that pours waste into a waterway
A. is producing at a quantity where marginal social cost is greater than marginal social benefit.. B. is producing at a quantity where marginal social benefit is greater than marginal social cost. C. is producing the social optimal quantity. D. has taken social cost into account.
Milton Friedman's theory of the demand for money
A) is similar to Tobin's portfolio approach to the demand for money. B) includes permanent income as one of the significant variables. C) includes the yields on competing nonmonetary assets. D) All of the above.
Which of the following is true of the relationship between price and quantity supplied? a. Whatever the price level, quantity supplied is equal to quantity demanded. b. More is supplied at lower prices. c. As the price rises, consumers are willing to purchase more of the good supplied. d. Except for market-day supply, an increase in price generates an increase in quantity supplied
e. An increase in price leads to a decrease in quantity supplied.