How do we measure economic growth?
A. increases in the price level, as indicated by the GDP chain price index
B. increases in nominal GDP
C. increases in real GDP
D. increases in the labor force
Answer: C
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If X transferable emissions permits are issued and there are n potential polluters,
A) the government must initially assign each of the potential polluters X/n permits. B) the government must assign X/n permits to each potential polluter and check periodically that those permits have not moved. C) emissions will be the same whether or not the permits are split equally, so long as none of the permits are issued outside the group. D) emissions will be the same no matter who receives them first, so long as the recipient is willing and able to participate in the permit market. E) emissions will be less if the permits are given initially to firms with lower abatement costs.
Mary decreases her consumption of Good X after the price of Good Y decreased. For Mary
A) Good X and Good Y are substitutes. B) Good X and Good Y are complements. C) Good X is an inferior good. D) Good Y is an inferior good.
What does the Herfindahl-Hirschman Index value near 10,000 imply about the market?
a. Pure monopoly b. Perfect competition c. Monopolistic competition d. Oligopoly
In the determination of disposable income, transfer payments are treated as if they
a. are the same as taxes. b. did not exist. c. are the opposite of taxes. d. were a constant amount.