Improvements in technology provide benefits to:
A) consumers, through lower prices.
B) workers, although some jobs may be eliminated.
C) firms, through lower production costs.
D) all of the above.
Ans: D) all of the above.
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The Laffer curve demonstrates that raising tax rates:
A. increases then decreases tax revenues. B. always increases tax revenues. C. always decreases tax revenues. D. decreases then increases tax revenues.
When a negative externality creates a market failure, that failure can be corrected by
a. setting price equal to private cost b. setting price equal to social cost c. setting price equal to the externality cost d. creating a positive externality of comparable value e. setting private cost equal to social cost
If the Surgeon General announces that colas cause cancer then we would expect
A. the demand for cola will stay the same. B. the demand for cola will shift right. C. the demand for cola will shift left. D. one cannot tell.
In the best case scenario, what is the Fed's response to a negative demand shock?
A. The Fed will decrease the growth rate of the money supply to offset the negative demand shock. B. The Fed will increase the growth rate of the money supply to offset the negative demand shock. C. The Fed will increase government spending to offset the negative demand shock. D. The Fed will decrease government spending to offset the negative demand shock.