Refer to the given data. With a $1-per-unit tariff, price and total quantity sold will be:
Answer the question on the basis of the following domestic supply and demand schedules for a product. Suppose that the world price of the product is $1.
A. $3 and 7 units.
B. $5 and 2 units.
C. $1 and 16 units.
D. $2 and 11 units.
D. $2 and 11 units.
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The private sector balance equals
A) saving minus investment. B) net taxes minus government expenditures. C) investment minus saving. D) net taxes plus government expenditures. E) saving plus investment.
The U.S. fiscal policy implemented in 2008 was an attempt to
A) give billions of dollars to businesses and low- and middle-income Americans in order to stimulate business investment and consumption expenditure, and thereby increasing AD. B) give billions of dollars to businesses and low- and middle-income Americans in order to stimulate business investment and consumption expenditure, and thereby increasing SAS. C) decrease interest rates in order to stimulate business investment and consumption expenditure, and thereby increasing AD. D) decrease the exchange rate in order to boost net exports, and thereby increasing AD.
The provision of a legal system is an important economic function of the government because
A) lawyers and judges tend to be high-income people. B) people need to feel safe when they go to work. C) the legal system affects how exchange takes place through its enforcement of contracts. D) the legal system affects the distribution of income through its awarding of damages in accident claims.
The classical economic doctrine held that the normal equilibrium position of the economy was one of
a. rising interest rates. b. some unemployment. c. rising prices. d. full employment.