Equilibrium in the Keynesian model is
a. quite stable, unless the government does something to throw it off balance.
b. stable as long as planned injections are equal to planned leakages.
c. not affected much by taxes or government spending.
d. not a significant concept in Keynesian analysis.
b. stable as long as planned injections are equal to planned leakages.
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Every month, the Bureau of Labor Statistics surveys 160,000 business establishments to help determine the
a. number of people unemployed. b. number of jobs the economy has gained or lost. c. size of the labor force. d. number of people who own their own businesses.
Based on the graph showing equilibrium output and price for a monopolist, the profit loss from producing too much is located ______.
a. below the marginal revenue curve
b. below the marginal cost curve
c. above the demand curve
d. to the right of the demand curve
When a demand curve is linear,
A. the elasticity is constant at all prices. B. demand is elastic at high prices. C. demand is unitary elastic at low prices. D. the elasticity is the same as the slope of the demand curve.
Which of the following is an example of a progressive tax?
A. A local sales tax. B. An excise tax. C. The federal income tax. D. Social Security payroll tax.