Households and firms in the U.S. economy interact with those in the rest of the world in the ________ market and in the ________ market
A) goods; factor
B) goods; financial
C) government; goods
D) financial; factor
E) firm; government
B
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When there is a resource for which property rights are not well defined and there is a difference between private costs and social costs, then all but which of the following is a way to close the difference?
A) the free market system B) taxation C) subsidization D) regulation
If the demand for bicycles increases,
a. the quantity demanded decreases b. equilibrium price increases and equilibrium quantity decreases c. equilibrium price decreases and equilibrium quantity increases d. quantity supplied increases e. quantity supplied decreases
Fiscal policy most directly affects the economy by increasing or decreasing:
A. aggregate demand. B. interest rate. C. long-run aggregate supply. D. the money supply.
When the government imposes a payroll tax on workers,
A. the costs of hiring remain constant. B. the effects are identical to the effects had the government imposed the tax on employers. C. total employment remains constant. D. the labor supply curve shifts to the right. E. workers' real wages are unchanged.