Which of the following might be considered an automatic fiscal stabilizer?
A) government spending for the war effort B) 401(k) retirement program
C) government budgeting for education D) unemployment compensation
D
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Assume that the demand curve for sunblock is linear and downward sloping. Which of the following statements about the slope of the demand curve for sunblock and the price elasticity of demand for sunblock are true?
A) The slope is constant, but the price elasticity of demand is not constant at all points along the demand curve for sunblock. B) The slope of the demand curve for sunblock is constant and equal to zero; demand is perfectly inelastic. C) The slope is not constant, but the price elasticity of demand is constant at all points along the demand curve for sunblock. D) The slope and the price elasticity of demand are constant at all points along the demand curve for sunblock.
Which of the following would most likely NOT be taught in a microeconomics course?
A) changes in prices of automobiles B) the effects of a gas tax on gas purchases C) the effect of an increase in wheat prices on farmers' behavior D) the unemployment rate
Public funding of stadium construction for a professional football, baseball or basketball team could be argued using "merit good" logic
Indicate whether the statement is true or false
Classical economists believe that all markets are basically competitive and all prices are flexible
Indicate whether the statement is true or false