One central idea in supply-side economics concerning budget deficits is illustrated by the:
A. Production possibilities curve
B. Aggregate supply curve
C. The Laffer Curve
D. The Phillips Curve
C. The Laffer Curve
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Graphically, producer surplus is the area under the
A) demand curve and above the supply curve, up to the relevant quantity. B) price and above the demand curve, up to the relevant quantity. C) price and above the supply curve, up to the relevant quantity. D) price and above the quantity axis, up to the relevant quantity. E) demand curve and above the price, up to the relevant quantity.
Alice has $10 to spend on wine and cheese. If wine is $2.50 a glass and cheese $2, draw the corresponding budget line. Then draw three indifference curves, one showing the amount of wine and cheese Alice would choose, one showing less preferred combinations of wine and cheese, and the last showing preferred but unaffordable combinations. ?
What will be an ideal response?
Profit is the factor price for ________
A) capital B) land C) entrepreneurship D) labor
Explain the impact of the multiplier effect through the business cycle.
What will be an ideal response?