The big tradeoff is a tradeoff between
A) efficiency and fairness.
B) consumer surplus and producer surplus.
C) taxes and subsidies.
D) price ceilings and price floors.
A
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An increase in product price implies that
A) the firm's marginal factor cost will increase. B) the wage rate the firm pays will increase. C) the firm's demand for labor increases. D) the firm's demand for labor decreases.
When the Fed injected newly made money into the economy by buying bonds, it:
A. was practicing quantitative easing. B. was trying to avoid a deflationary period similar to Japan. C. inserted over $1 trillion of new money into the economy. D. All of these statements are true.
Which of the following was not one of Malthus assumptions?
a. stable prices b. production with only two inputs - land and labor c. a fixed supply of land d. human desire to increase the population
When buyers in a competitive market take the selling price as given, they are said to be
a. market entrants. b. monopolists. c. free riders. d. price takers.