All of the following are examples of stock variables except one. Which one?
a. The amount of currency in circulation
b. The amount of money earned each week
c. The amount of money needed to construct a new building
d. The amount of money in a person's savings account
e. The amount of money at the Fed
B
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The above figure shows the market for gourmet ice cream. In effort to reduce obesity, government places a $2 tax per gallon on suppliers in this market, shifting the supply curve from S0 to S1. The total tax revenue is equal to
A) $400,000. B) $800,000. C) $500,000. D) $200,000. E) More information is needed to determine the total tax revenue.
Neuroeconomics is
A) the study of the activity of a human brain when the person makes economic decision. B) the study of how people behave when they face scarcity. C) the study of situations in which people act economically irrationally. D) the study of how people make decisions at the margin.
In 1984, the National Minimum Drinking Age Act was passed, raising the legal age to consume alcoholic beverages in the United States to 21. In much of Europe, the legal age to consume alcohol is 18
If the legal drinking age in the United States was changed back to 18, how would this affect the market for alcoholic beverages? What would happen to the equilibrium price and quantity of alcoholic beverages?
An externality
A) may be positive or negative. B) means a rapidly rising cost borne by consumers. C) is the cost of producing a good outside the United States. D) is the indirect cost, the overhead, of producing a product.