A government policy that tries to minimize inflation and unemployment can best be described as trying to achieve economic
A. equity.
B. profitability.
C. efficiency.
D. stability.
Answer: D
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Buyers will bear the entire burden of a unit tax if the demand curve for a product is
A) upward sloping. B) horizontal. C) downward sloping. D) vertical.
Which of the following is not a characteristic of a monopolistically competitive market structure?
A) All sellers sell products that are differentiated. B) There is a large number of independently acting small sellers. C) Each firm must react to actions of other firms. D) There are low barriers to entry of new firms.
In the price range where demand is inelastic, a decrease in price will result in a decrease in total revenue.
Answer the following statement true (T) or false (F)
Refer to the information provided in Figure 3.11 below to answer the following question(s).
Figure 3.11Refer to Figure 3.11. A movement from Point C to Point B on supply curve S2 would be caused by a(n)
A. decrease in the price of mushrooms. B. decrease in the price of hamburgers, assuming hamburgers are a substitute for pizza. C. increase in the demand for gardenburgers. D. decrease in the price of gardenburgers.