As the price of a good declines, a utility-maximizing consumer will respond by purchasing more of that good
a. True
b. False
Indicate whether the statement is true or false
True
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The government debt is the difference between the current level of total expenditures and revenues
Indicate whether the statement is true or false
Which of the following are examples of perfectly competitive markets?
A) Wheat B) Textiles C) Gold D) The stock market E) all of the above
The Reagan administration's 1981 personal income tax changes were designed to: a. stimulate aggregate demand and reduce unemployment
b. stimulate aggregate demand and increase economic growth. c. stimulate aggregate supply and increase economic growth. d. decrease aggregate demand in order to reduce inflation. e. increase tax revenues to reduce the federal budget deficit.
Many communities have granted monopoly rights to cable companies. This is an example of a monopoly created through: a. government licensing
b. ownership of the cable resources. c. patent protection. d. smart business practices by shrewd entrepreneurs.