Governments in market economies usually have significant control over
A. investment spending.
B. personal consumption spending.
C. import spending.
D. education spending.
Answer: D
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How does a firm in monopolistic competition determine its price and quantity? What type of profit can it make in the short run and the long run?
What will be an ideal response?
If a firm knew every consumer's willingness to pay and could prevent arbitrage it could charge every consumer a different price. This practice is known as
A) first-degree transfer of consumer surplus, or perfect price discrimination. B) first-degree price discrimination, or perfect price discrimination. C) maximization of producer surplus, or perfect price discrimination. D) first-degree exploitation, or perfect price discrimination.
Which of the following is not included in GDP?
a. the fees for legal services rendered by your attorney b. the replacement of brake pads on your six-year-old vehicle c. cash income paid to a day laborer that is not reported to the tax authorities d. the payments for a chiropractor's services
When a loan is repaid to a bank, the money supply contracts by the amount of the loan
Indicate whether the statement is true or false