During which period were government budget deficits quite large, but there was no corresponding surge of private saving?
a. in the mid-1970s
b. in the mid-1980s
c. in the mid-1990s
d. in the mid-2000s
b. in the mid-1980s
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Refer to Table 9-11. Prior to trade, what was the opportunity cost to produce 1 clock in Belize?
A) 1/2 of a hat B) 2/3 of a hat C) 1.5 hats D) 2 hats
If marginal costs increase, a monopolist will:
a. decrease price and increase output. b. decrease both price and output. c. increase price and decrease output. d. increase both price and output. e. keep both price and output at the same level.
In some cases, tradable pollution permits may be better than a corrective tax because
a. pollution permits allow for a market solution while a corrective tax does not. b. pollution permits generate more revenue for the government than a corrective tax. c. pollution permits are never preferred over a corrective tax. d. the government can set a maximum level of pollution using permits.
Suppose that the market for labor is initially in equilibrium. If the firm employs labor-augmenting technology, the equilibrium wage
a. and the equilibrium quantity of labor will rise. b. and the equilibrium quantity of labor will fall. c. will rise, and the equilibrium quantity of labor will fall. d. will fall, and the equilibrium quantity of labor will rise.