Which of the following types of goods would most likely be classified as a government-inhibited good?
A) heroin
B) marijuana
C) tobacco
D) All of the above are correct.
D
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An economy with an expansionary gap will, in the absence of stabilization policy, eventually experience a(n) ________ in the inflation rate, leading to a(n) ________ in output.
A. decrease; increase B. increase; increase C. decrease; decrease D. increase; decrease
Looking at the supply-side effects on aggregate supply shows that a tax hike on labor income
A) decreases potential GDP. B) weakens the incentive to work. C) increases potential GDP because people work more to pay the higher taxes. D) Both answers A and B are correct. E) None of the above is correct.
Convergence of the income gap has been most dramatic between
A) Hong Kong and the United States. B) the Central European countries and the United States. C) Africa and the United States. D) South America and the United States.
As long as marginal cost is less than average variable cost:
a. both average total costs and average variable costs will be falling. b. average total costs will be falling but average costs may be rising or falling. c. average fixed costs are rising. d. average total costs are falling but average fixed costs may be rising.