It is perfectly legitimate for the United States to pass laws requiring that all food products or cars sold in the United States meet certain safety standards approved by the United States government as long as they have some ___________ basis.
a. environmental
b. scientific
c. political
d. subjective
b. scientific
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In the liquidity trap, the money demand curve
A) is horizontal. B) is vertical. C) is negatively sloped. D) is positively sloped.
If you deposit a $50 check in the bank, the immediate impact on your bank's balance sheet will be a
A) $50 increase in reserves and a $50 increase in checkable deposits. B) $50 decrease in reserves and a $50 increase in checkable deposits. C) $50 increase in reserves and a $50 decrease in checkable deposits. D) $50 decrease in liabilities and a $50 increase in checkable deposits.
The free rider problem is caused by the:
A. "rivalness" in consumption of a good leading to the undersupply of it. B. incentive to oversupply the good since it is nonrival in consumption. C. nonexcludability of a good leading to the undersupply of it. D. "rivalness" in consumption of a good leading to the overconsumption of that good.
Marginal cost pricing for an information product
A) would cause the firm to experience economic losses. B) would allow the firm to break even. C) would cause the firm to earn economic profits. D) would cause the firm to expand output to increase economic profits.