A change in a nonprice factor of demand will cause:
A. a movement along the demand curve.
B. a shift of the demand curve.
C. the demand curve to rotate inward.
D. the demand curve to rotate outward.
B. a shift of the demand curve.
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Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
Since 1925, the longest expansion in the United States lasted:
A. 21 months. B. 43 months. C. 60 months. D. 120 months.
When the federal government decides to pay senators more than it pays soldiers, it answers the ________ question
A) why B) how C) for whom D) what E) where
A negative externality exists and government wants to impose a tax in order to bring about an efficient outcome. To accomplish its objective, government must set the tax equal to marginal
A) private cost. B) social benefit. C) external cost. D) social cost. E) external benefit.