In the short run, the perfectly competitive market supply curve
a. is indeterminate
b. shows the total quantities of resources used by all firms in that market, given the market price of resources
c. is the same as the individual supply curve of the dominant firm
d. shows the sum of the quantities of output supplied by all firms in the market at each price
e. is irrelevant to potential entrants
D
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What is the formula for the government budget deficit? Why might it be appropriate for most governments, most of the time, to have a deficit (rather than surplus)?
What will be an ideal response?
From an economic point of view, the idea of establishing a government to further the will of the majority _____
a. means that marginal political costs and marginal political benefits are being equalized b. makes sense because the majority could exploit the minority c. does not make any sense because the majority could exploit the minority d. would lead to a large transitional gains trap
In what way do policymakers have to face a trade-off between inflation and unemployment?
A. The cost of reducing inflation by restrictive fiscal and monetary policies is a temporary increase in unemployment. B. The cost of reducing inflation by restrictive fiscal and monetary policies is a permanent increase in unemployment. C. The cost of reducing unemployment by expansionary fiscal and monetary policies is virtually nonexistent. D. The cost of reducing unemployment by expansionary fiscal and monetary policies involves higher inflation during recessions.
If a resource is in fact becoming scarcer, then one should expect
a. the price of the resource to rise. b. less demand for the resource as people try to conserve. c. greater supply as people reduce inventories before it is all gone. d. all of the above.