Knowledge and skills are part of ________ in an economy.
A. educational functions
B. human capital
C. market growth
D. innovation
Answer: B
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Producers in perfect competition receive a smaller producer surplus than a monopoly producer
Indicate whether the statement is true or false
In the Keynesian model, suppose the Fed sets a target for the real interest rate. If the IS curve shifts to the left, and the Fed wants to keep output unchanged
A) taxes will increase. B) the money supply will decline. C) the real interest rate will decrease. D) taxes will decrease.
In the short run, specific taxes on a firm result in:
a. price increases which may not persist in the long run. b. an increase in consumer surplus because the tax permits spending in additional government services. c. shortages of the good being taxed. d. an increase in producer surplus because of the rise in price.
Which of the following is an example of a public good?
A. Amtrak rail transport services B. the provision of medical care C. services of the U.S. Post Office D. the provision of national defense