According to Professors Cowen and Tabarrok, the most efficient gift is:
A. charitable donations made in someone's name.
B. cash.
C. paternalistic gifts like mittens.
D. books on economics.
Answer: B. cash.
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In general, pollution exists in situations in which
A) people are selfish. B) people refuse to take social responsibility seriously. C) there are poorly defined private property rights. D) there exists public property.
Starting from short-run equilibrium, the following occurs: personal income taxes are cut, business taxes are cut, and labor productivity rises. What is the effect on the price level and Real GDP in the short run?
A) Real GDP rises and the price level necessarily falls. B) Real GDP rises and the price level necessarily rises. C) Real GDP falls and the price level necessarily remains the same. D) Real GDP rises and the effect on the price level cannot be determined. E) Real GDP rises and the price level necessarily remains the same.