Total expenditures can be written as C + I + G + (X ? IM)
a. True
b. False
Indicate whether the statement is true or false
True
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According to the classical model, the income generated by production is
A) always insufficient to purchase all the goods and services produced. B) enough to purchase all the goods and services produced. C) fully spent on savings. D) enough to meet the needs of everyone in society.
The welfare program economists believe to be most compatible with economic efficiency is
a. a regressive tax system. b. AFDC. c. a negative income tax. d. Medicare/Medicaid.
Ceteris paribus, if average prices in the U.S. economy fall, then the
A. Foreign trade effect will lead to a lower quantity of U.S. output demanded. B. Cost effect will lead to a higher quantity of U.S. output demanded. C. Real balances effect will lead to a lower quantity of U.S. output demanded. D. Interest rate effect will lead to a higher quantity of U.S. output demanded.
Kansas Power and Light, the only supplier of electricity in Kansas, is an example of a firm in what type of market?
A) a monopoly market B) an oligopolistic market C) a perfectly competitive market D) a monopolistically competitive market