An example of expansionary fiscal policy could be
A. to reduce tax rates.
B. to increase the nation's money supply.
C. to reduce government spending.
D. to reduce interest rates.
Answer: A
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Use the following graph, where Sd and Dd are the domestic supply and demand curves for a product, to answer the next question.
The world price of the product is $6. If an import quota of 40 units is imposed on the product, then the equilibrium price would be_____ and the quantity consumed would be ________ units.
A. $6; 80 B. $12; 50 C. $10; 60 D. $8; 70
If there is a decline in the price of milk, an input in the production of ice cream, then there will be a(n)
A) decrease in the supply of ice cream and a leftward shift of the supply curve. B) decrease in the quantity of ice cream supplied and a movement up along the supply curve. C) increase in the supply of ice cream and a rightward shift of the supply curve. D) increase in the quantity of ice cream supplied and a movement down along the supply curve.
A COLA automatically raises the wage rate when
A. GDP increases. B. taxes increase. C. the consumer price index increases. D. the producer price index increases.
Across different output levels, a firm can experience both economies and diseconomies of scale.
Answer the following statement true (T) or false (F)