In the United States, government regulation is primarily designed to:
A.) Protect the environment through government ownership of natural resources.
B.) Prevent businesses from competing with each other.
C.) Protect labor, consumers, and the environment.
D.) Determine all the answers to the WHAT, HOW and FOR WHOM questions.
C.) Protect labor, consumers, and the environment.
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Refer to Table 11.1. What is the value of the tax multiplier?
A) -0.67 B) -1.875 C) 2.33 D) 3
An excess demand in a market implies that
a. the amount demanded is less than the amount supplied b. price is greater than the equilibrium price c. a shortage of the good exists d. a surplus of the good exists e. the government must implement a price ceiling
Which of the following expenditures would NOT be included in GDP?
Assume that all firms in this industry have identical cost curves, and that the market is perfectly competitive.
If S3 is the market supply curve, then each firm in this market will earn an economic loss of ________ per week.
A. $3,000 B. $1,000 C. $1,500 D. $2,000