George and Brad are waiters at a local restaurant. The female customers think that George is better looking than Brad. If George earns more than Brad, this could be an example of each of the following except
a. customer preferences.
b. discrimination.
c. a beauty premium.
d. a compensating differential.
d
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For the past three years, you have earned economic profits of $5,00 . per year by being the only vendor selling bottled tap water at your town's Fourth of July celebration. When you go to city hall to apply for a vending permit for this year's
celebration, the city clerk mentions that fifty new firms have received permits to sell tap water this year. a . What can you do to protect your economic profit in the short run? b. What can you do to protect your economic profit in the long run?
The goal of expansionary fiscal policy with respect to output is to:
A. increase spending and aggregate demand to get back to an output level the government is comfortable with. B. decrease government spending in an attempt to get the private economy back on track. C. increase spending and shift aggregate demand to the left in an effort to reach full employment output. D. increase spending and shift aggregate demand to the right in an effort to reach full employment output.
All of the following countries have been described as socialist economies, except
A. Norway. B. France. C. Sweden. D. The United States.
What is an economy?
What will be an ideal response?