As output and employment contracted during the early 1930s, policy makers
A) reduced tariffs but increased tax rates.
B) reduced both tariffs and tax rates.
C) imposed higher tariffs and reduced tax rates.
D) increased both tariffs and tax rates.
D) increased both tariffs and tax rates.
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Which of the following is a question answered with positive economic analysis?
A) If the college increased its eligibility requirements for enrollment, will class sizes decline? B) Should the college charge higher tuition for part-time students? C) Should the college eliminate its athletic program to cut its costs? D) Should the college reduce tuition for out-of-state residents?
The local symphony recently raised its price for tickets to their summer concerts in the park. At the end of the summer season, the symphony was surprised to see that total revenue had actually decreased. The reason was that the elasticity of demand for tickets was
A. unit elastic. B. inelastic. C. elastic. D. Not enough information is given.
Union work rules may restrict productivity in all of the following ways except
A. Requiring a minimum number of workers for a certain task. B. Limiting the pace of production. C. Restricting the types of jobs a particular individual can do. D. Requiring a maximum number of workers for a certain task.
Economic growth would best be represented by a
A. Shift inward of the production possibilities curve. B. Movement from inside the production possibilities curve to a point on the production possibilities curve. C. Movement from the production possibilities curve to a point inside the production possibilities curve. D. Shift outward of the production possibilities curve.