Which of the following are not considered part of government purchases?
A) welfare benefits
B) teachers' salaries paid by a local government
C) a tank purchased by the federal government
D) a bridge purchased by the state government
Answer: A
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Property rights are limited to tangible items such as land and machinery
Indicate whether the statement is true or false
How does asymmetric information affect a contract?
If a tax shifts the supply curve downward (or to the right), we can infer that the tax was levied on
a. buyers of the good. b. sellers of the good. c. both buyers and sellers of the good. d. We cannot infer anything because the shift described is not consistent with a tax.
If the reserve requirement is 20 percent, and banks keep no excess reserves, an increase in an initial inflow of $100 into the banking system will cause an increase in the money supply of:
A. $100. B. $50. C. $20. D. $500.