Which of the following is NOT an example of common property?
A) a trampoline
B) air
C) gravity
D) sunshine
A
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The above table shows the marginal benefits and costs from production of fertilizer. There are no external benefits. If the market is perfectly competitive and unregulated, the efficient level of output could be achieved by setting a per ton tax of
A) zero. B) $30. C) $80. D) $110.
If the euro replaces the U.S. dollar as the world's most popular currency, that will likely ________
A) reduce M1, without affecting M2 B) reduce M2, without affecting M1 C) cause a temporary increase in M1 D) affect neither M1 nor M2 E) none of the above
There was an extensive black market (illegal market) for many consumer products in the United States during World War II. A likely explanation of the black market is that:
A. the prices of goods were artificially held down by price controls. B. black markets were legal during the war. C. goods were not subject to price controls. D. gasoline rationing greatly restricted civilians from driving to stores.
In general, the IMF provides developing countries with:
A. loans and lets these countries decide how the loans will be used. B. technical advice but does not provide them with loans. C. loans, but only if the government adopts certain policies specified by the IMF in return. D. neither loans nor technical advice.