Fiscal policy that the government actively chooses to adopt is called:
A. automatic stabilizing policy.
B. discretionary fiscal policy.
C. monetary policy.
D. contractionary policy.
B. discretionary fiscal policy.
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Meredith receives a wage hike. If Meredith decides to work an extra hour
A) her reservation wage rate exceeds her value of marginal product. B) her opportunity cost of leisure is high. C) her substitution effect is greater than her income effect. D) she operates on the backward-bending portion of her labor supply curve.
A demand schedule is a:
A. table which shows the quantities of a particular good or service that consumers are willing to purchase at various prices. B. graph which shows the quantities of a particular good or service that consumers are willing to purchase at various prices. C. table which shows the quantities of a particular good or service that consumers are willing to purchase at various income levels. D. line which shows the quantities of a particular good or service that consumers are willing to purchase at various prices.
Price elasticity of demand is measured by the percentage change in
a. income divide by the percentage change in price b. quantity demanded divided by the percentage change in income c. price divided by the percentage change in quantity demanded d. quantity demanded divided by the percentage change in price e. total revenue divided by percentage change in price
In long-run perfect competition, no firm can earn a normal profit
Indicate whether the statement is true or false