Which of the following is most likely to be a monopoly?
a. The local fast-food restaurant
b. The local electricity distributor
c. The local bathroom fixtures shop
d. The local television broadcaster
b
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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
The proponents of rational expectations believe that:
A. there will be a substantial time lag before people anticipate the eventual effects of a shift to a more expansionary macro-policy. B. macro-policies that stimulate demand and place upward pressure on the general level if prices will temporarily increase output and employment. C. the inflationary side effects of expansionary policies will be anticipated quickly, and therefore, even their short-run effects on real output and employment will be minimal. D. discretionary changes in macro-policy can be made in a manner that will reduce the economic ups and downs of a market economy.
When the price of fresh fish increases 10%, quantity demanded is unchanged. The price elasticity of demand for fresh fish is
A. inelastic. B. elastic. C. perfectly inelastic. D. unitary elastic.
The private sector balance is equal to savings ________ investment, and the government sector balance is equal to government expenditure ________ taxes. If there is a deficit in the private sector balance and a deficit in the government sector balance, then there must be a ________ in net exports.
A) plus; plus; surplus B) minus; minus; deficit C) minus; minus; surplus D) plus; plus; deficit E) plus; minus; surplus