What is one way to eliminate the Tragedy of the Commons?
a) increase access to the commons
b) provide more public land for recreation
c) increase law enforcement in public areas
d) limit access to the commons
Ans: d) limit access to the commons
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What does it mean to say that an individual's preferences are transitive?
What will be an ideal response?
Warren always carries a one hundred dollar bill in case of emergencies. This is an example of the
A) precautionary demand for money. B) asset demand for money. C) transactions demand for money. D) wealth demand for money.
If equilibrium level of real Gross Domestic Product (GDP)
is less than the full-employment real Gross Domestic Product (GDP) consistent with the position of the economy's long-run aggregate supply (LRAS) curve, then the difference between full-employment real Gross Domestic Product (GDP) and current equilibrium real Gross Domestic Product (GDP) is A) an aggregate demand shock. B) an aggregate supply shock. C) a recessionary gap. D) an inflationary gap.
Which of the following is true of government debt?
a. The interest payments on federal bonds held by Americans will be paid to investors in other countries. b. The share of the federal debt held by foreigners has declined from 35 percent of GDP in 1990 to less than 10 percent of GDP in 2012. c. Between 2000 and 2012, federal debt owed to foreigners has risen from approximately 10 percent to 35 percent of GDP. d. Less than 5 percent of the federal debt is owed to foreigners.