The Keynesian approach to economic policy is also known as:
a. supply-side economics.
b. Classical economics
c. demand-side economics.
d. mercantilism.
e. laissez-faire.
c
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Use the figure below to answer the following question.
The figure above shows three supply curves for wheat. Which of the following would cause the quantity of wheat supplied to decrease from point b to point a?
A. an increase in the price of wheat B. a subsidy for wheat production C. a decrease in the price of wheat D. a tax on wheat production
The figure below shows the market for computers in a small importing country. Dd and Sd are the domestic demand and supply curves of computers, respectively.
Calculate the tariff revenue of the country's government.
A. $76 million B. $28 million C. $40 million D. $400,000
A monopoly produces a product ________ and there ________ barriers to entry into the market
A) identical to its many competitors; are B) with no close substitutes; are C) identical to its many competitors; are no D) with no close substitutes; are no E) slightly different from those of its many competitors; are
Inflation is a rise in the price level. If it is caused primarily by a decrease in aggregate supply, then we refer to it as
a. demand-push inflation b. cost-pull inflation c. demand-pull inflation d. cost-push inflation e. supply-push inflation