The Laffer curve belongs to which of the following schools of economic thought?
a. Keynesian.
b. Supply-side.
c. Demand management.
d. Classical.
b
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Monetary policy has no effect on equilibrium income when the
A) LM curve is positively sloped. B) IS curve is negatively sloped. C) IS curve is vertical. D) IS curve is horizontal.
Which of the following is NOT correct concerning perfectly competitive firms in the long run?
A) Long-run economic profits are zero. B) Price equals minimum long-run average cost. C) Entrepreneurs earn the opportunity cost of their investment. D) The opportunity cost of capital is zero.
The Lorenz curve represents the distribution of non-cash benefits
a. True b. False Indicate whether the statement is true or false
A movement along the demand curve for automobiles is caused by a change in:
A. the price of automobiles. B. the price of gasoline. C. the price of steel. D. consumers' incomes.