Which of the following is most likely to be an inferior good?
a. airline travel
b. restaurant meals
c. a subscription to the Wall Street Journal
d. soft drinks
e. used clothing
E
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________ refers to a period when the ________ decreases
A) Recession; growth rate of nominal GDP B) Recession; growth rate of output per person C) Productivity growth slowdown; growth rate of real GDP D) Productivity growth slowdown; growth rate of output per person
The Fed was founded in 1913 to serve as lender of last resort to bankers during bank runs and panics
Indicate whether the statement is true or false
Protectionism may reduce imports, and it will also
A. appreciate the dollar, reducing exports. B. appreciate the dollar, increasing exports. C. depreciate the dollar, increasing exports. D. depreciate the dollar, reducing exports.
According to economic analysis, the optimal level of pollution is
A. at the point at which the marginal benefits from pollution control are equal to the marginal cost. B. at the point at which the marginal benefits of pollution control exceed the marginal cost. C. at the point at which the marginal benefits of pollution control are less than the marginal cost. D. always zero.