To reduce pollution, economists generally prefer a corrective tax to a command-and-control policy because the same goals can be achieved but in an efficient manner with a corrective tax.
Answer the following statement true (T) or false (F)
True
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In the consumption function C = a + c(Y - T), "autonomous consumption" appears as
A) a. B) c. C) cY. D) -cT. E) c(Y - T).
If a nation specializes in activities in which opportunity costs are the lowest and then trades with other nations, it is most likely to:
a. have a higher standard of living for its citizens than it would if it did not specialize and then trade. b. have a lower standard of living for its citizens than it would if it did not specialize and then trade. c. create as much wealth for its citizens as it could if it did not specialize and then trade. d. benefit in the short run but incur heavy loss in the long run. e. incur heavy loss in the short run and eventually cease production in the long run.
In 1971, President Nixon concluded the_______ era in this country by ____________
Fill in the blank(s) with the appropriate word(s).
The average fixed cost (AFC) curve
A. Declines as long as output increases. B. Intersects the marginal cost curve at its minimum point. C. Is intersected at its minimum point by marginal cost. D. Is U-shaped as a result of diminishing returns.