Which of the following would be most vulnerable to the tragedy of the commons?
A. Cattle on a ranch
B. Restrooms in a restaurant
C. Timber on public land
D. Apples in Phoebe's apple orchard
Answer: C
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
The labor force consists of
A) the number of people who unemployed and who are actively seeking work. B) the number of people who are employed. C) the number of people who are employed minus the number of the people who are unemployed. D) all people in the population aged 16 and over who are not in jail, a hospital, or an institution or in the U.S. Armed Forces. E) the number of people in the working-age population who are employed or unemployed.
Cash distributions made by government to individuals when no good or service is received in exchange are known as __________.
a. poverty payments b. taxes c. transfer payments
The J curve implies that a real depreciation will cause
A) the nominal exchange rate to appreciate in the short run and depreciate in the long run. B) the nominal exchange rate to depreciate in the short run and appreciate in the long run. C) net exports to fall in the short run and rise in the long run. D) net exports to rise in the short run and fall in the long run.