Compared to the US, the unemployment rate in Europe was ________ throughout the 1960s and 1970s and ________ after 1980
A) higher; lower
B) lower; higher
C) lower; remained lower
D) higher, remained higher
B
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Which of these is NOT a potential source of inefficiency?
A) external benefits B) increasing marginal costs C) monopoly D) subsidies
An increase in individual income taxes ________ disposable income, which ________ consumption spending
A) decreases; increases B) increases; increases C) decreases; decreases D) increases; decreases
Alfonse is a farmer who grows 20,000 bushels of corn each year. Last year, the market price was $3 per bushel. If Alfonse earned $80,000 . the government's target price per bushel must have been
a. $60,000 b. $20,000 c. $4,000 d. $4 e. $1
A consumer's budget constraint for goods X and Y is determined by how much the consumer likes good X relative to good Y
a. True b. False Indicate whether the statement is true or false