If a person's labor supply curve is positively sloped, the income effect outweighs the substitution effect
a. True
b. False
B
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When tax revenues minus outlays is i. positive, the government has a budget surplus. ii. negative, the government has a budget deficit. iii. zero, the government has a balanced budget
A) i, ii, and iii B) i and ii only C) ii and iii only D) i only E) iii only
In a perfectly competitive industry,
a. the market price is determined at the intersection of the market supply and demand curves b. the typical firm will just break even in the short run c. a rise in the market price will attract new entrants d. economics profits are a signal for new consumers to enter e. each firm faces the downward sloping market demand curve
If we wanted to consider all the money that had been "multiplied" in the economy, we would think about:
A. M2. B. M1. C. hard money. D. None of these.
Lobbying actions that seek government legislation to provide tax breaks to specific corporations would be an example of:
A. How the median-voter model works B. How political choices are bundled C. Rent-seeking behavior D. The paradox of voting