"Growth accounting" is concerned with explaining which of the following?
A. sources of unemployment
B. sources of interest rate changes
C. sources of inflation
D. sources of output growth
Ans: D. sources of output growth
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Suppose Pat's Paints is a perfectly competitive firm. If Pat's Paints' marginal revenue equals $5 per can, and Pat decides to sell 100 cans of paint, Pat's total revenue equals
A) $5. B) $100. C) $500. D) $20. E) Information on the price of a can of paint is needed to answer the question.
Consider the market for purple magic markers. The demand for purple magic markers is perfectly elastic and the supply curve is upward sloping
If sellers of purple magic markers are taxed $1 per marker, how will the tax be divided between the buyer and seller? A) The sellers will pay the entire tax. B) The buyers will pay the entire tax. C) The tax will be evenly divided between the sellers and buyers. D) More information is needed to determine how the tax is split.
Economies of scope are said to exist when
A. one firm produces many products rather than separate firms for each. B. many firms produce many products rather than one firm producing all. C. one firm can produce multiple products at a lower cost than separate firms producing each. D. many firms produce a single product rather than one firm.
The tax cuts of 2001 and 2003 that came in the form of tax rebate checks are good examples of
A. fiscal policy. B. monetary policy. C. the fallacy that causation and correlation are the same. D. the fallacy of composition.