The shifting or returning of government economic functions to individuals and firms in the economy is known as
a. liberalization.
b. intervention.
c. competition.
d. privatization.
d. privatization.
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If the Fed buys a U.S. Treasury bill from a member of the public, the banking system has
a. less reserves and the money supply tends to fall. b. more reserves and the money supply tends to fall. c. less reserves and the money supply tends to grow. d. more reserves and the money supply tends to grow.
Explain how the demand for labor is determined.
What will be an ideal response?
When a unit tax of $2 is levied on a product
A) the entire $2 is paid by the consumer. B) the entire $2 is paid by the producer. C) both the consumer and producer pay $2 each. D) the consumer pays part of the $2 and the producer pays the rest.
Suppose the manager of a restaurant notices that when she has too many waiters on the floor for a shift that the waiters get in each other's way and fewer dinners are served. This is an example of
A. diminishing marginal inputs. B. diminishing marginal workforce. C. diminishing marginal product. D. diminishing marginal utility.