Which of the following individuals would be most likely to support a balanced budget amendment to the constitution?
a. "Christmas is when children ask Santa Claus for things and their parents pay for them. Deficits is when adults ask government for things and their children pay for them."-Richard Lamm
b. "In a boom, inflation can be caused by allowing unlimited credit to support excited enthusiasm of business speculators. But in a slump government expenditure is the only sure means of obtaining quickly a rising output."-J.M. Keynes
c. "If we face a recession we should not lay off employees. Employees are not guilty; why should they suffer?"-Akio Morita
d. "Underbalancing the budget during a depression is not primarily a deliberate policy but a practical necessity."-Gunnar Myrdal
a
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When a firm is experiencing economies of scale
A. long-run average total cost is decreasing. B. minimum efficient scale has been achieved. C. a given percentage increase in output requires a more-than-proportionate increase in resources. D. an increase in output is accompanied by a more-than-proportionate increase in long-run average total cost.
Which of the following is an example of a Pigovian tax?
A) a tax imposed on a utility that internalizes the cost of externalities caused by the utility B) payments by utilities to obtain tradable emission allowances C) payments for licenses to pollute D) a payroll tax
Why is the balance of payments always zero?
What will be an ideal response?
Productive efficiency refers to long-run market conditions where marginal cost is equal to marginal revenue.
Answer the following statement true (T) or false (F)