One general characteristic of collective action problems is that
A) no individual has any incentive to act in the best interest of the grou
A
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Suppose the cost curves in the above figure apply to all firms in the market. Then, if the initial price is P1, in the long run the market
A) demand will increase. B) demand will decrease. C) supply will increase. D) supply will decrease.
If national real GDP grows at twice the rate of population growth,
a. c and e. b. eventually there will be too much GDP. c. per real capita GDP will double each year. d. per real capita GDP will be reduced by half each year. e. per real capita GDP growth will double each year.
Figure 11-3
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In Figure 11-3, which line represents the change in the consumption schedule caused by a cut in the personal income tax as advocated by President George W. Bush in 2001?
A. C1 in graph (a) B. C2 in graph (a) C. C1 in graph (b) D. C2 in graph (b)
In Figure 8.5, if this economy's inflation goal is a price level of P2 but the equilibrium price level is P3, one way to accomplish this using fiscal policy would be to
A. Decrease AS by decreasing the money supply. B. Decrease AD by decreasing income taxes. C. Increase AS by reducing government regulations. D. Decrease AD by reducing transfer payments.