In 2015, the level of U.S. real GDP was more than four times its 1965 level
a. True
b. False
Indicate whether the statement is true or false
True
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What is immizerizing growth? Describe how it could happen and give at least one cited historical example
What will be an ideal response?
A lower price elasticity of demand coefficient occurs when:
a. many substitutes exist. b. the quantity demanded is more responsive. c. few substitutes exist. d. the market is broadly defined.
Assuming transaction costs are small, the Coase theorem would predict that private parties could arrive at an efficient solution for which of the following problems?
a. One neighbor doesn't mow his lawn. b. One neighbor doesn't paint her house. c. One neighbor comes home on his noisy motorcycle late at night. d. All of the above are correct.
A country is more likely to have net welfare gains when it imposes a tariff on a foreign monopolist if:
a. the tariff is small. b. the tariff is large. c. the tariff revenues are large. d. the deadweight losses are large.