Fiscal policy focuses on manipulating _____
Fill in the blank(s) with the appropriate word(s).
aggregate demand to smooth out business fluctuations
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Rent-seeking behavior, unlike profit-maximizing behavior in competitive markets, wastes society's scarce resources
Indicate whether the statement is true or false
When restrictions alter the pattern of international trade, the _____ benefit and the _____ suffer(s)
a. domestic consumers; domestic producers b. domestic consumers; government c. domestic producers; domestic consumers d. foreign producers; domestic producers e. foreign producers; domestic consumers
Which of the following is an example of a factor of production?
a. rent b. interest c. land d. Social Security payments
Refer to the graph below for a purely competitive firm in the short run. The price of the firm's product is given by:
A. 0F/0C
B. 0G/0C
C. 0F/0B
D. 0E/0A