Most of the debates in the U.S. Congress center on
A) efficiency concerns.
B) equity concerns.
C) both efficiency and equity equally.
D) market inefficiency.
B
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The figure above shows the marginal revenue and long-run cost curves for a perfectly competitive firm. All other firms in the industry have identical curves. Which of the following statements is TRUE?
A) The firm's average cost exceeds the price. B) Over time, firms will enter this industry. C) The firm is earning economic profit. D) None of the above is true.
If consumers suddenly became more optimistic ________
A) they would spend more at any given inflation rate B) planned expenditures would decline C) the aggregate demand curve would shift to the left D) all of the above E) none of the above
Ireland's nominal GDP can increase when
a. only Irish prices increase b. only Irish output increases c. only Irish output and prices increase d. only Irish output and prices decrease e. any combination of Irish output and/or prices increases
________ argued for a tax on consumption instead of on income because the standard of living depends not on income, but on how much is consumed.
A. Irving Fisher B. Thomas Hobbes C. John Rawls D. Ben Bernanke