Big-push economists argue that an interlocking, balanced set of infrastructure and development investments can only be initiated, financed, and managed by
a. government
b. private sector entrepreneurs
c. foreign multinationals
d. the World Bank
e. the International Monetary Fund
A
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The excess burden of a tax refers to the fact that
A) the benefits from a tax exceed the tax revenue. B) the deadweight loss from a tax exceeds the remaining consumer surplus. C) marginal cost is greater than marginal benefit after the tax. D) a tax creates a deadweight loss. E) taxes are split between buyers and sellers.
China's high net exports must be balanced by:
A. low net capital outflows. B. high net capital inflows. C. high net capital outflows. D. low net imports.
Assuming price elasticity of demand is reported as an absolute value, a price elasticity of demand of 1.2 indicates an:
A. inelastic demand, meaning the percentage change in quantity demanded will be less than the percentage change in price. B. elastic demand, meaning the percentage change in quantity demanded will be less than the percentage change in price. C. inelastic demand, meaning the percentage change in quantity demanded will be greater than the percentage change in price. D. elastic demand, meaning the percentage change in quantity demanded will be greater than the percentage change in price.
The base year of an index is
A. the year chosen for the weights in a fixed weight procedure. B. the first year of the index. C. the year currently being calculated. D. the last year of the index.