The U.S. economy has grown steadily over the years
a. True
b. False
Indicate whether the statement is true or false
False
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Two cities face identical prices for their housing. City A decided to be a pollution free city "Clean town" and all the factories would locate in city B "Smogville", we expect the prices of housing in city B "Smogville" to
a. increase b. decrease c. stay the same d. none of the above
Starting with a situation where there is a substantial budget deficit, when tax revenues grow faster than federal expenditures, the government will experience:
a. a balanced budget. b. an increasing national debt. c. a declining budget surplus. d. a declining budget deficit. e. an increasing budget deficit.
Refer to Figure 11-1. If the marginal product of labor curve was plotted on this figure, with marginal product on the vertical axis, the marginal product of labor curve would
A) never intersect the horizontal axis.
B) intersect the horizontal axis at a point between the 5th and 6th unit of labor.
C) intersect the horizontal axis at a point between the 6th and 7th unit of labor.
D) intersect the horizontal axis at a point somewhere beyond the 8th unit of labor
In a laissez-faire economy
A. the government decides how to distribute goods and services. B. a centralized authority establishes what will be produced. C. consumers do not exercise choice. D. individual people and firms pursue their own self-interest.