Which of the following is an objective of fiscal policy?
A) high rates of economic growth
B) discovering a cure for AIDs
C) energy independence from Middle East oil
D) health care coverage for all Americans
E) homeland security
A
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Suppose the production of a good results in negative externalities. If all costs are taken into account, then
A. output will be at a lower level than if all costs are not taken into account. B. output will be at a lower level than the socially optimal level. C. the marginal private cost curve will lie above and to the left of the marginal social cost curve. D. a and b E. a, b, and c
If a perfectly competitive firm is a price taker, then _____
a. pressure from competing firms will force it to accept the prevailing market price b. it will be a relatively large player compared to its competitors in the overall market c. it will increase or decrease its output to vary the total quantity supplied in the market d. quality differences will be very perceptible and will play a major role in consumers' decisions
Which of the following types of countries has experienced decreasing inequality in recent decades?
A. Rich countries B. Countries with low economic growth C. Countries with high economic growth D. None of these has experienced decreasing inequality.
The seller of an existing house claims that it is in great shape, and he is offering a 2-year warranty on the house. His statements about the quality of his house are likely to be:
A. overstated. B. true because offering a warranty is a costly-to-fake signal. C. credible even in the absence of a warranty. D. untrue because otherwise he would not offer the warranty.