Changes in government spending and tax revenues for the purpose of achieving a full-employment and noninflationary level of domestic output is called:
a. Industrial policy
b. Trade policy
c. Fiscal policy
d. Monetary policy
c. Fiscal policy
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If, in a competitive market, marginal benefit is less than marginal cost
A) the government must force producers to raise prices in order to achieve economic efficiency. B) the output is greater than the equilibrium quantity. C) the output is less than the equilibrium quantity. D) the net benefit to consumers from participating in the market is less than the net benefit to producers.
Explain the three dimensions of uncertainty which affects the choice among markets, contracts, and integration
Specialization describes the occurrence when a country shifts resources to focus on producing a good that offers ____________ advantage and the lowest opportunity cost.
a. marginal b. comparative c. minimal d. profit
A sales tax is
A) a tax assessed on personal income. B) a tax assessed on the prices paid for numerous goods and services. C) a tax assessed on a public good. D) the total tax base.