As Americans have become more health conscious, rules about food labels have become more complex and stringent. This is an example of government acting as
A. referee.
B. redistributor.
C. taxer.
D. defender.
Answer: A
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When a monopolistically competitive firm breaks even in the long run, this is equivalent to earning a zero accounting profit
Indicate whether the statement is true or false
Which of the following provides support for the use of discretion in economic policy-making?
A) any policy rule that is based on a particular model will prove wrong if that model is wrong B) the existence of a political business cycle C) the conclusions of Friedman and Schwartz with respect to monetary and fiscal policy D) the Watergate scandal
Assuming a competitive world, does your country have a comparative advantage in making pizza? You can get your answer by
a. observing if your country makes more pizza than any other country b. comparing pizza prices in other countries c. calculating the opportunity cost of a pizza in your country d. comparing the opportunity cost of producing pizza in your country with the opportunity cost of producing pizza in other countries e. comparing your country's terms of trade to the terms of trade in other countries
The long-run effects of an increase in the saving rate include
a. a higher level of productivity. b. a higher growth rate of productivity. c. a higher growth rate of income. d. All of the above are correct.