To economize means to
A) allocate available resources in a way that yields the most value to the economizer.
B) behave in a selfish rather than generous manner.
C) conserve as much as possible for future use.
D) put economic theory to work.
E) save rather than spend.
A
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The imposition of a new excise tax will
A) increase equilibrium price and increase equilibrium quantity. B) increase equilibrium price and decrease equilibrium quantity. C) decrease equilibrium price and increase equilibrium quantity. D) decrease equilibrium price and decrease equilibrium quantity.
Using the concepts of aggregate demand and aggregate supply, explain how the economy reaches an equilibrium level of real GDP and price level.
What will be an ideal response?
Which of the following is an automatic stabilizer?
A. Unemployment compensation B. Property taxes C. Military expenditures D. Social Security benefits
In a perfectly competitive industry, the firm's marginal revenue curve is
A. vertical. B. downward sloping. C. horizontal. D. upward sloping.