According to Figure 6.1, the average annual rate of growth of the U.S. economy in the period 1996-2011 equalled ________
A) 0.3 percent
B) 2.2 percent
C) 30 percent
D) 300 percent
B
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The excess burden of taxation can be minimized by _____
a. placing taxes on goods with elastic demand schedules b. placing taxes on goods with inelastic demand schedules c. placing taxes on goods with elastic supply schedules d. placing taxes on goods with inelastic supply schedule e. b and d
When a firm experiences increasing returns to scale
A) its AFC will decrease. B) its AFC will increase. C) its AC will increase. D) its AC will decrease.
In what ways is government involved with the creation of barriers to entry?
What will be an ideal response?
If the slope of the budget line is steeper than the slope of the indifference curve, and X is on the horizontal axis:
A. the consumer is willing to give up more of good X to get an additional unit of good Y than is necessary under the current market prices. B. MRS = ?PX/PY. C. MRS > PX/PY. D. the consumer is willing to give up more of good Y to get an additional unit of good X than is necessary under the current market prices.