Under a pure price system, the decision of resource allocation is made by
A) the head of the government.
B) a queen or king.
C) individuals who own the resources.
D) no one.
C
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When the effects of a more expansionary macroeconomic policy are quickly and accurately anticipated, the policy will
a. increase inflation without reducing unemployment. b. increase unemployment while exerting little impact on inflation. c. decrease unemployment while exerting little impact on inflation. d. fail to exert a significant impact on either unemployment or inflation.
This graph demonstrates the domestic demand and supply for a good, as well as a tariff and the world price for that good.
According to the graph shown, the change in producer surplus brought about by the introduction of a tariff is:
A. an increase of HIJKL. B. a loss of HIJKL. C. an increase of H. D. a loss of H.
The using up of capital when producing the year's output is called:
A. indirect business taxes. B. investment. C. inventory reduction. D. depreciation.
In economics, tangible merchandise is referred to as
A) invention. B) human capital. C) services. D) goods.