Fiscal policy is sometimes initiated on the advice of the
A. Congressional Budget Office.
B. Federal Reserve Board.
C. Joint Economic Committee.
D. Council of Economic Advisers.
Answer: D
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The four-firm concentration ratio measures
A) profitability. B) economic efficiency. C) technological efficiency. D) competitiveness.
In 2014, over 75 percent of the revenue of the U.S. federal government was raised through
A) individual income and social insurance taxes. B) sales and corporate income taxes. C) property and social insurance taxes. D) individual income and property taxes.
Each of the following is a characteristic of socialism, except
A. prohibition of any private ownership of the means of production. B. a substantial degree of government planning. C. a large-scale redistribution of income. D. government ownership of some of the means of production.
A monopolistically competitive firm is currently charging a price of $10 and producing 12,000 units/month. It faces monthly fixed costs of $15,000 and has an average variable cost of $6/unit. In the long run, we would expect:
a. The firm to go out of business b. The price will rise and output will fall c. The price will fall and output will fall d. The price will fall and output will rise