If income tax rates are cut, the size of the budget deficit will necessarily increase
Indicate whether the statement is true or false
False
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Refer to the figure below. If P = $6, then the price elasticity of supply is: 
A. one B. positive, but less than one C. greater than one D. less than zero
When all workers who want jobs have them and the demand for and supply of labor are in equilibrium,
A) the unemployment rate will be zero. B) unemployment is at its natural rate. C) the economy will be experiencing high rates of inflation. D) frictional unemployment will be zero.
Tariffs discourage imports by making imported products more expensive to consumers
a. True b. False Indicate whether the statement is true or false
Suppose a restaurant that is highly profitable during the summer months is unable to cover its total cost during the winter months. If it wants to maximize profits, the restaurant should
a. shut down during the winter, even if it is able to cover its variable costs during that period. b. continue operating during the winter months if it is able to cover its variable costs. c. go a out of business immediately; losses should never be tolerated. d. lower its prices during the summer months.