There are about 5 million business firms in the Unites States.
Answer the following statement true (T) or false (F)
False
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The elasticity of a straight-line demand curve is the same as its slope.
Answer the following statement true (T) or false (F)
Which of the following is an example of an automatic stabilizer?
a. Decrease in tax rates by Congress in times of unemployment b. Decrease in tax rates by Congress in times of inflation c. Increase in government defense spending during war d. Increase in unemployment compensation during recession e. Decrease in welfare programs during inflation
While the classical economists believed that both velocity and output are stable, Keynesians believe:
a. velocity and output are both variable. b. output is stable and velocity is variable. c. the same as the classical economists that both output and velocity are stable. d. velocity is stable and output is variable.
Economic reasoning predicts that there will be strong pressures to make real-world markets perfectly competitive.
Answer the following statement true (T) or false (F)