Viewed from the perspective of a U.S. corn farmer, gasoline price variability can be viewed as a source of
A. static variability.
B. supply variability.
C. demand and supply variability.
D. demand variability.
Answer: D
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Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. lower; higher D. higher; potential
The demand for capital by a firm is based on the demand for the product that the capital produces. This relationship is referred to as
A. cost minimization. B. resource utilization. C. derived demand. D. product demand.
Which of the following statements is true?
a. Competitive markets result in the socially efficient price and quantity when externalities exist. b. Command-and-control regulations set an environmental goal and dictate how the goal will be achieved. c. Economists prefer command-and-control regulations to incentive-based pollution programs. d. An effluent tax is a tax imposed on rich people.
Which of the following items is included when computing M1?
a. Coins in circulation. b. Currency in circulation. c. Checking accounting entries. d. All of the above. e. None of the above