Which of the following institutions may result in hold-up?
A. Long-term contracts
B. Vertical integration
C. Spot markets
D. Piece rates
Answer: C
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The position of the Keynesian aggregate demand schedule does not depend on the
a. level of government spending. b. level of tax collections. c. level of autonomous investment expenditures. d. quantity of money. e. the price of inputs such as oil.
The U.S. tax system currently levies taxes on unrealized capital gains
a. True b. False
A required element for specialization to lead to an increase in the satisfaction of society's wants is:
A. A capitalist economy B. Exchange and trade C. The use of money D. A central plan
Which of the following is not likely to change the supply of laptops?
A. An increase in consumers' incomes B. A decrease in the wage paid to electrical engineers C. A technological breakthrough that makes it much less costly to produce computer chips D. An increase in taxes on computer chips paid by producers