As air is a _____, pollution tends to occur
a. common resource
b. private good
c. club good
d. merit good
a
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Economic analysis that focuses on bounded rationality and psychological insights is known as: a. behavioral economics. b. Keynesian economics. c. Austrian economics
d. supply-side economics.
One lesson policymakers have learned, and which was evident from Japan's experience in 2002, is:
A. an intervention in the foreign exchange market is almost always effective if done on a regular basis. B. in order for foreign exchange interventions to work, they must be frequent and expected. C. an intervention in the foreign exchange market will not work unless accompanied by a change in the policy interest rate. D. for an intervention in the foreign exchange market to work, the interest rate must be held constant by the central bank.
Use the following table to answer the next question.YearUnemployment Rate (%)Inflation Rate (%)14.03.024.52.535.02.045.53.056.04.5Consider years 3, 4, and 5. Based on this data, the Phillips curve is ________.
A. downward sloping B. vertical C. of indeterminate slope D. upward sloping
A monopoly is producing a level of output at which price is $80, marginal revenue is $40, average total cost is $100, marginal cost is $40, and average fixed cost is $10. In order to maximize profit, the firm should
A. produce more. B. produce less. C. keep output the same. D. shut down.