Research into string theory in advanced subatomic physics would be an example of
A. technological externalities.
B. development.
C. applied research.
D. basic research.
Answer: D
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One purpose of discretionary fiscal policy is to
A. increase government spending during a recession. B. reduce inflation during an expansion. C. reduce inflation during a recession. D. increase taxes during an expansion.
When a proposed merger between two companies is reviewed by the government, the relevant market is defined by
A) how elastic the demand is for each firm's product. B) how much advertising is done in the industry. C) whether or not there are close substitutes for the products of the two firms. D) counting the number of firms that produce the same product.
Perfectly competitive firms and monopolist firms both maximize profit where
a. price equals marginal cost b. total revenue is maximized c. average total cost is minimized d. marginal cost equals marginal revenue e. price is as high as possible
"He who pays a tax should receive the benefit from the expenditure financed by the tax." This statement reflects which of the following principles for a tax?
a. Fairness of contribution. b. Ability-to-pay. c. Benefits-received. d. Inexperience-to-collect.