The property rights approach to environmental issues often becomes highly relevant in cases involving _______ .
A. greenhouse gas emissions
B. harmful affects of acid rain
C. endangered species
D. fresh water resources
Ans: C. endangered species
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If an increase in autonomous consumption spending of $10 million results in a $50 million increase in equilibrium real GDP, then
A) the MPC is 0.5. B) the MPC is 0.75. C) the MPC is 0.8. D) the MPC is 0.9.
In the Keynesian model which includes the Keynesian short-run aggregate supply curve
A) an increase in aggregate demand would causes the price level to rise, but does not change the level of real GDP. B) an increase in aggregate demand causes real GDP to rise without changing the price level. C) an increase in aggregate demand changes neither the price level nor the level of real GDP. D) an increase in aggregate demand causes real GDP and the price level to decrease.
A government subsidy is typically used
A. to reduce inflation. B. to provide a government-inhibited good. C. to correct a positive externality. D. to correct a negative externality.
Which of these situations limit the use of ownership in resolving incentive problems?
A. The employees are well trained and highly qualified. B. The employees lack full control over their output. C. The employees try to maximize their personal utility. D. The actions of employees are unobservable.