Many nations are consistently accused of enjoying the benefits of membership in the United Nations, yet they provide few or no funds to support the organization. This is an example of
A) the principle of rival consumption.
B) the free-rider problem.
C) the negative externality problem.
D) the property rights problem.
Answer: B
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A surplus of peanuts implies
A) more peanuts have been produced than can be used currently. B) peanuts are not currently scarce. C) there is currently no demand for peanuts. D) all of the above. E) none of the above.
Why may a central bank intervene in the foreign exchange market when its currency is depreciating?
A) concerns about the country's exports becoming less competitive B) concerns about inflation C) concerns about deflation D) to sterilize the effects on the domestic economy
If the nominal GDP of a country in the year 2005 was$25 trillion and the GDP deflator (relative to the base year 2000 . was 125, the real GDP of this country was _____
a. $25 trillion b. $5 trillion c. $20 trillion d. $125 billion
Suppose that quantity demand falls by 30% as a result of a 5% increase in price. The price elasticity of demand for this good is
a. inelastic and equal to 6. b. elastic and equal to 6. c. inelastic and equal to 0.17. d. elastic and equal to 0.17.