The minimum increase in government spending necessary to reach full employment is
A) $2,000
B) $1,000
C) $500
D) $200
E) $100
Ans: C) $500
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A group of producers who join forces to buy supplies and equipment and to market their output is a(n) ______
A) not-for-profit organization. B) S corporation. C) producer cooperative. D) sole proprietorship. E) cottage industry.
The backward-bending supply curve of labor applies to _____
a. individuals b. groups c. the economy as a whole d. theoretical models
In economics, products are considered "differentiated" only if
a. they are physically or chemically different b. sellers decide that they are different c. buyers think that they are different d. the government determines that they are different e. they are produced by different firms
If the government wants to raise tax revenue and shift most of the tax burden to the consumers, it would impose a tax on a good with a:
a. flat (elastic) demand curve and a steep (inelastic) supply curve. b. steep (inelastic) demand curve and a flat (elastic) supply curve. c. steep (inelastic) demand curve and steep (inelastic) demand curve. d. flat (elastic) demand curve and a flat (elastic) supply curve.