The law of supply states that the quantity supplied of a good and
a. the price of a key input are inversely related
b. its price are inversely related
c. the price of a key input are positively related
d. its price are positively related
e. the price of an alternate good are positively related
D
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What is one definition of equity?
a) equality b) efficiency c) fairness d) similarity
When electronic digital wristwatches were first introduced in 1972 they were priced at $2,100. If the CPI in 1972 was 42 and the CPI in 2019 is 275, then this price is equivalent to approximately ______________________in 2019 dollars.
A. $20,950 B. $11,650 C. $13,750 D. $245 $321
A tax on cigarettes:
A. increases total surplus. B. increases efficiency in the market. C. like any tax, will always reduce surplus and efficiency in markets. D. will increase both total surplus and efficiency in the market.
According to adaptive expectations theory, which of the following would be the result of expansionary monetary and fiscal policies?
A. The economy self-corrects to the natural rate of unemployment. B. There is a long-run trade off between inflation and unemployment. C. The inflation rate falls. D. These policies can succeed in reducing the unemployment rate.