Which of the following is not an example of a flow variable?
a. The amount of income that a person earns each month
b. The amount of interest that a savings account earns each week
c. The amount of money in a savings account
d. The amount of taxes that a person pays each year
e. All of these are flow variables
C
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In the figure above, both Joe and Jill initially produce at point A. If Joe and Jill realize that they each possess a comparative advantage, which outcome can we expect?
A) Joe will specialize in shirts and Jill will specialize in pants. B) Joe will specialize in pants and Jill will specialize in shirts. C) Joe and Jill each will be able to consume more than 2 shirts and 2 pairs of pants. D) Both answers B and C are correct.
The Coase theorem asserts that:
a. government intervention is necessary to deal with externalities. b. there are no costs associated with pollution abatement. c. when there are external costs, the industry supply curve reflects the true social costs. d. when externalities are present, an economy can reach an efficient solution as long as transactions costs are not too high.