________ policy focuses on the nation's money supply, while ________ policy focuses on the government's budget.
A. Fiscal; monetary
B. Fiscal; structural
C. Monetary; structural
D. Monetary; fiscal
Answer: D
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The expansion of information technology and the increasing complexity of the economy should make the wage premium
a. continue rising. b. continue falling. c. rise. d. fall.
The main problem with using the infant industries argument to justify protecting an industry from foreign competition is that:
A. all industries will claim that they are infant industries in order to gain protection. B. the protected industry will become too efficient and drive out foreign competition. C. once in place, it is difficult to remove protection even as the industry matures. D. it causes the goods that are produced in the protected industry to have lower prices.
Doggy Treats is selling dog treats in a purely competitive market. Its output is 800 treats, which it sells for $10 a treat. At the 800-treat level of output, the marginal cost is $11, the average variable cost is $9.00, and the average variable cost is
$8.00. Should the firm increase output, decrease output, or not produce? Why? How should the firm determine that optimal level of output? What will be an ideal response?
The difference between the market price of an acre of land and its supply price (including transportation) is
a. land rent b. zero, by definition c. negative d. the price of land e. infinite when the supply of land is fixed