Suppose the market for oranges is perfectly competitive and unregulated. Suppose also that the chemicals used to keep the oranges insect-free damage the environment by an estimated $1 per bushel of oranges. Suppose QD = 1000 - 100P and QS = -100 + 100P. The total dollar value damage to society is

Suppose Robert deposits $100 of cash into a checking account at a commercial bank. His actions will

A) decrease M1 by $10,000. B) increase M1 by $10,000. C) produce no change in M1, but M1 will decrease in the future because the bank has excess reserves. D) produce no change in M1, but M1 will increase because the bank has excess reserves.

Imagine that the best and the brightest professionals of the planet Venus migrate to Earth to work. The upside of this brain drain is

a. the remittances sent home to Venus b. getting rid of snooty Venetians c. not being able to afford the modern machinery that will help the Venetians become more productive d. decreased labor supply on Venus e. increased income inequality on Venus