In 2009, we had a current account ________ and a capital account _______.
A. surplus; surplus
B. deficit; deficit
C. deficit; surplus
D. surplus; deficit
C. deficit; surplus
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Refer to Goods X and Y. If the marginal rate of good X in terms of good Y is large, then the indifference curve will be
Assume that good X is on the horizontal axis and good Y is on the vertical axis in the consumer-choice diagram. PX denotes the price of good X, PY is the price of good Y, and I is the consumer's income. Unless otherwise stated, the consumer's preferences are assumed to satisfy the standard assumptions. a. convex. b. concave. c. steep. d. flat.
Which of the following was an implication of the U.S. government's Clean Air Act Amendments (CAAA) of 1977?
A) It acted as a barrier to entry. B) It increased consumer surplus. C) It reduced the profits of existing firms. D) It reduced the market power of existing firms.
Under a progressive income tax system, the marginal income tax rate paid by taxpayers
A. rises as their incomes increase. B. is unrelated to their incomes. C. is unchanged as their incomes increase. D. declines as their incomes increase.
Refer to Scenario 1.2 below to answer the question(s) that follow.SCENARIO 1.2: A scientist wants to understand the relationship between automobile emissions and the level of global warming. The scientist collects data on the volume of automobile emissions and the levels of global warming over time. The scientist concludes that a 1% increase in automobile emissions causes a 0.0003% increase in average global temperatures. From this information he concludes that the automobile emissions are harmful to the environment and should be reduced to stop the increase in global temperatures.Refer to Scenario 1.2. The statement that an increase in automobile emissions causes an increase in global warming is an example of
A. deductive reasoning. B. a fallacy. C. an economic theory. D. normative economics.