Paying off the national debt brings about a(n)
a. increase in the money supply.
b. redistribution of income.
c. economic contraction.
d. upward push on interest rates.
b. redistribution of income.
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What four conditions define a perfectly competitive market?
What will be an ideal response?
Deflation refers to
A) a falling price level. B) a decrease in the rate of inflation. C) Both A and B are correct. D) None of the above is correct.
Suppose a new technology allows firms to substitute mechanical tomato pickers for farm laborers. As a result, the demand curve for farm laborers will
A) become less elastic. B) become more elastic. C) shift to the right. D) not be affected.
Price controls are usually enacted
a. as a means of raising revenue for public purposes. b. when policymakers believe that the market price of a good or service is unfair to buyers or sellers. c. when policymakers tax a good. d. All of the above are correct.