The first systematic attempt to explain the determinants of the price level and national levels of income, employment, consumption and real Gross Domestic Product (GDP) was made by ________ economists
A) supply-side B) classical C) Keynesian D) monetarist
B
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Which of the following is an advantage of earmarked taxes?
a. They are flexible. b. They never lead to overproduction. c. They make it more difficult for politicians to alter the expenditure mix away from their preferences. d. They make it easier for politicians to alter the expenditure mix to achieve economic efficiency.
The additional goods and services produced by women in the United States as their labor force participation increases represent:
A. no change in economic activity, B. an increase in economic activity. C. a decrease in economic activity. D. a switch from market to non-market production.
The market price for wallets is $20. Your technology is such that at your most efficient production point, the average total cost of producing a wallet is $2.50. Your manager runs into your office and shouts, "Boss!!! Average costs are rising!! Average costs are rising!!" To make a profit-maximizing decision, you should:
A. ask the manager about the average total cost. B. immediately stop production. C. completely ignore your manager. D. ask the manager about the marginal cost.
Suppose that a powerplant is given a permit to pollute 10 tons of carbon into the atmosphere. As the powerplant operates, it can generate $200 of profit selling electricity per ton of carbon that it sends into the atmosphere. If the price of the carbon permit is $300 per ton, then:
A. the powerplant is better off shutting down and selling its permit. B. the powerplant is better off buying more permits and selling more electricity. C. the powerplant is better off selling electricity and using the permits to pollute 10 tons of carbon. D. the powerplant is better off shutting down and buying more permits.