Suppose the public increases the level of savings in anticipation of higher future taxes to service the national debt. This is an example of
A) Reaganomics. B) Ricardian equivalence.
C) Smithsonian equivalence. D) Monetary equivalence.
B
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Which of the following is an example of the effect of a price floor?
A. Scalping of Super Bowl tickets B. Surplus cheese C. The New York city housing shortage D. Black markets E. Milk shortages
A firm that charges a very low price would be practicing predatory pricing if
A. the price allowed only a small profit. B. the price would only be profitable if it succeeded in driving a rival out of the market and prices increased afterward. C. the price allowed profits that were positive but below those earned by other firms. D. it only offered the low price to its rivals’ customers.
One of the important points of criticism of industrial policy is that: a. it can lead to stiff competition among the domestic firms in an economy. b. small domestic firms will not be able to survive economic clustering
c. government sponsored research will end up benefitting foreign countries. d. it can prohibit regional innovations. e. the knowhow in one firm will not spill over to other firms in an economy.
A diagram is a good example of a(n)
a. hypothesis. b. abstraction. c. theory. d. concept. e. instrumentation.