When demand and income move in the same direction, a good is said to be:
a. a normal good
b. an inferior good.
c. a complementary good.
d. a substitute good.
a
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Consider a situation in which a factory emits high levels of air pollution and the factory is not liable for the damages its pollution causes. According to the Coase theorem, government action is ________ to achieve an ________ amount of pollution
A) necessary; equitable B) not necessary; equitable C) necessary; efficient D) not necessary; efficient.
Assume:
C = 40 + 0.8(Y - T) G = 10 I = 20 T = 0, where T are taxes. (a) Calculate Y at equilibrium. (b) Calculate C, I, and G at equilibrium. (c) Now assume, EX = 5 + 4EP /P IM = 10 + 0.1 (Y - T) - 3EP /P E = 3 P = 1.5 P = 2 Find equilibrium Y.
Refer to the accompanying table. Based on their comparative advantages, Pat should specialize in ________, and Corey should specialize in ________. Pizzas Made Per HourPizzas Delivered Per HourCorey126Pat1015
A. neither making pizza nor delivering pizza; both making pizza and delivering pizza B. delivering pizza; making pizza C. both making pizza and delivering pizza; neither making pizza nor delivering pizza D. making pizza; delivering pizza
Which one of the following is presently a major deterrent to bank panics in the United States?
A. The legal reserve requirement B. The fractional reserve system C. The gold standard D. FDIC insurance