Which of the following might cause a depreciation of the U.S. dollar versus the Japanese yen?
A. A recession in Japan.
B. A recession in the United States.
C. A greater demand for U.S. coal by Japan.
D. More Japanese visitors to Hawaii.
Answer: A
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The Coase theorem says that, if the appropriate property right is assigned to __________, an efficient solution to an externality problem will be achieved
a. the party causing the externality b. the victim of the externality c. the party that can avoid the externality at the higher cost d. the party that can avoid the externality at the lower cost e. either one of the parties involved
When a patent expires, the firm holding the patent is able to maintain its monopoly control over the market.
Answer the following statement true (T) or false (F)
We observe a market in which the price has risen and the quantity sold has risen as well. This could be caused by a(n):
a. Increase in demand b. Decrease in supply c. Decrease in demand d. Increase in supply
Which of the following is FALSE?
A. The classical economists relied on market forces to create full employment. B. Keynes advocated an active government role for curing a recession. C. Keynes suggested that full employment was a "rare and short-lived occurrence". D. The classicals believed demand created its own supply.