In the United States, incomes historically have grown about 2 percent per year. At this rate, average income doubles every
a. 15 years.
b. 25 years.
c. 35 years.
d. 45 years.
c
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All of the following are true EXCEPT
a. President Reagan was the first U.S. president to call for the use of economic criteria when evaluating policy b. President Reagan’s Executive Order 12291 required the use of a Regulatory Impact Analysis (RIA) when major regulations were being considered c. During his presidency, Clinton did not issue any executive order to continue Reagan’s commitment to using economic criteria in policy evaluation d. President Obama issued an executive order to support and expand upon President Clinton’s executive order requiring benefits to justify the costs of a significant regulation
Which of the following statements is true?
A) A decrease in demand causes equilibrium price to fall; the decrease in price then results in a decrease in quantity supplied. B) If both demand and supply increase, there must be an increase in equilibrium price; equilibrium quantity may either increase or decrease. C) If demand decreases and supply increases one cannot determine if equilibrium price will increase or decrease without knowing which change is greater. D) A decrease in demand causes a decrease in equilibrium price; the decrease in price causes supply to decrease.
If a monopoly suddenly became a perfectly competitive industry, equilibrium output would _________, and the equilibrium price would _________.
a. increase; increase b. decrease; decrease c. increase; decrease d. decrease; increase
Which of the following are included in calculating economic costs?
A. implicit costs B. explicit costs C. accounting costs D. All of these are correct.