The American Recovery and Reinvestment Act of 2009 ________
A) was a result of the Obama administration adopting an activist approach to policymaking
B) is still being debated after the fact in terms of its effectiveness
C) was supported by some economists, and opposed by as many economists
D) all of the above
E) none of the above
D
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Using the figure above, suppose education is provided by public colleges. At what level should tuition be set to ensure the efficient number of students?
A) $10,000 B) $5,000 C) $20,000 D) $25,000 E) $15,000
To measure economic welfare, one needs only to measure real GDP
Indicate whether the statement is true or false
Diminishing marginal returns occurs when
A) all inputs are increased and output decreases. B) all inputs are increased and output increases by a smaller proportion. C) a variable input is increased and output decreases. D) a variable unit is increased and its marginal product falls.
According to the law of supply, price and quantity supplied are inversely related, ceteris paribus
a. True b. False Indicate whether the statement is true or false