Pessimists among the classical economists were least able to foresee the continual advancement in
a. managerial techniques
b. technology
c. birth control methods
d. geographic discovery
e. all of the above
B
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Contractionary fiscal policy will most likely
A) involve increasing government spending. B) reduce the price level. C) involve cutting taxes. D) raise real GDP.
According to the text, U.S. manufacturing data show that
a. the economy is rapidly becoming more concentrated into the hands of the few b. the economy today is less concentrated than it was in 1865, just after the Civil War c. concentration in the economy has remained fairly stable over the past 40 years d. the U.S. economy is much more concentrated than most other industrialized nations of the world e. concentration has fallen rapidly over the past 40 years
Explain the excess burden of a tax on luxury yachts.
What will be an ideal response?
Refer to the above figure. At a price of $2 per gallon, the quantity demanded of gasoline is
A. 100,000 gallons per week. B. 140,000 gallons per week. C. 60,000 gallons per week. D. 80,000 gallons per week.