The law of supply indicates that, all else held constant,
A. producers will be willing and able to offer more of a product at high prices than at low prices.
B. producers will be willing and able to offer more of a product at low prices than at high prices.
C. the product supply curve is downward-sloping.
D. consumers will be willing and able to purchase less of a good at high prices than at low prices.
Answer: A
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Suppose that the Marginal Social Benefit associated with drinking water quality is estimated to be MSB = 100 – 0.5A,where A is the percentage of mercury abated from drinking water and MSB is measured in millions of dollars. Find the total social benefit (TSB) associated with a federal policy that increases mercury abatement from 20 percent to 30 percent.
What will be an ideal response?
According to the Application, economist John B. Taylor found that the aid to state and local governments which were a part of the 2009 stimulus package were used primarily to
A) increase spending on transfer programs, goods, and services. B) increase spending on goods and services. C) increase spending on transfer programs, but spending on goods and services declined. D) increase spending on infrastructure, but spending on transfer programs declined.
The ceiling on the interest rate, setting a maximum rate that banks and S&Ls were allowed to pay depositors, was prescribed by
a. the FDIC mandate b. Regulation Q c. the Federal Reserve Board of Governors commission d. Continental Bank's charter e. the constitution of the First National Bank
Refer to the given data. The United States has a balance of goods:
The following table contains hypothetical data for the 2012 U.S. balance of payments. Answer the question on the basis of this information. All figures are in billions of dollars.
A. deficit of $10 billion.
B. surplus of $30 billion.
C. deficit of $30 billion.
D. surplus of $20 billion.