Which of the following would be studied in macroeconomics?
a. a drop in the price of personal computers
b. an individual household's decision on how to allocate its spending power
c. a rise in employment in movie theaters across the nation
d. total output in the nation
e. a local bank's increase in the interest rate offered on savings deposits
D
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"He who pays a tax should receive the benefit from the expenditure financed by the tax." This statement reflects which of the following principles for a tax?
a. Fairness of contribution. b. Ability-to-pay. c. Benefits-received. d. Inexperience-to-collect.
The most common provider of public goods is the private sector.
Indicate whether the statement is true or false.
Suppose a family-owned donut shop has $80,000 in total revenues, $36,000 in rent, and $20,000 in additional operating costs. The husband and wife work in the shop and pay no wages to themselves or others. The economic profits from the donut shop are
A) $24,000. B) less than $24,000. C) more than $24,000. D) $80,000.
The demand curve for gasoline should be
A) more elastic in the long run than in the short run. B) less elastic in the long run than in the short run. C) as elastic in the long run as it is in the short run. D) more or less elastic in the long run versus the short run depending upon supply conditions.