Which of the following is a form of government intervention?
A. Natural monopoly.
B. Regulation.
C. Public goods.
D. Externalities.
Answer: B
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Refer to Table 14-8. If the firms act out of individual self-interest, which prices will they select?
A) Brawny Juice will select a high price, Power Fuel will select a low price. B) Brawny Juice will select a low price, Power Fuel will select a high price. C) Both firms will select a high price. D) Both firms will select a low price.
Payroll taxes are used to collect revenue for the Social Security program
a. True b. False Indicate whether the statement is true or false
The multiplier principle explains how
A. any change in the economy has a one-time impact. B. $1 invested will increase GDP by more than $1. C. expenditures and incomes decrease as investment increases. D. $1 invested will decrease GDP by less than $1.
When economists use the term Ceteris paribus, they are indicating that:
A. the relationship between two economic variables cannot be determined. B. the analysis is true for the individual but not for the economy as a whole. C. all other variables except the ones specified are assumed to be constant. D. their conclusions are based on normative economics rather than positive economic analysis.