Jason receives $20,000 per year from the federal government because he is disabled. This is a
A. free rider problem.
B. demerit good.
C. transfer payment.
D. non-rival good.
Answer: C
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Refer to Figure 9.9. Now suppose an import quota of 3000 trucks is imposed. The quota will make total consumer surplus equal to
A) $25,000. B) $13,125,000. C) $40,000,000. D) $62,500,000. E) $75,625,000.
Ball found that the disinflation of the early 1980s in the United States had a sacrifice ratio of about
A. 0. B. 1. C. 2. D. 3.
If nominal GDP is $600 billion and the money supply is $200 billion, the velocity of money is
A. 0.33. B. 1.2. C. 3. D. 12.
Under the total allowable catch (TAC) system of fishing:
A. There are limits to the number of days a species can be caught B. Biologists determine the size of the catch based on sustainable levels C. The number of fishing boats allowed to fish in a specific area is restricted D. Priority is given to catching fisheries with the greatest market value