Business cycle troughs are always followed by the _____ phase.
Fill in the blank(s) with the appropriate word(s).
recovery
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Which of the following is likely to cause a market failure and be over consumed?
A. Cable TV B. Grazing pastureland C. Public health D. Education
If a country has a large percentage of its population under 15 years old, then compared with other countries, this creates
a. a problem because they consume more than they produce b. a problem because they cause more capital goods to be produced c. a benefit because they boost demand for consumption goods d. a benefit because they cause more capital goods to be produced e. neither a problem nor a benefit since age is irrelevant
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.
The figure above shows the production possibilities frontier for a country. If the economy is operating at point B, then the opportunity cost of another million gallons of milk is
A) 4 gallons of ice cream for a gallon of milk. B) 3 gallons of ice cream for a gallon of milk. C) 1 gallon of ice cream for a gallon of milk. D) 1/3 of a gallon of ice cream for a gallon of milk. E) zero because after producing another million gallons of milk then zero gallons of ice cream are produced.