the United States economy is operating at peak efficiency, it is on its ___________________________.
Fill in the blank(s) with the appropriate word(s).
production possibility frontier (curve)
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Tariffs and quotas create a loss in social welfare because
A) producer surplus declines. B) revenues from tariffs are misspent. C) consumer surplus declines. D) All of the above.
The idea that if governments cut taxes but not spending, people will not change their behavior, and expansionary policy will have little expansionary effect is known as:
A. Ricardian equivalence. B. Keynesian policy. C. the invisible hand. D. Stimulus policy.
Bobby's neighbor is growing a tree that is blocking Bobby's ocean view. Bobby is considering taking his neighbor to court. To Bobby, the tree represents a(n)
a. unclear property right b. public good c. free-rider good d. positive externality e. negative externality
In economics we assume that the goal of a firm is to
A. maximize total sales. B. maximize economic profits. C. maximize costs. D. maximize revenue.