President Eisenhower considered his main economic task as _______________.
Fill in the blank(s) with the appropriate word(s).
lowering the rate of inflation
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The incentive for new firms to enter into a perfectly competitive market is primarily the:
A) large number of existing firms in the market. B) positive profits earned by the existing firms in the market. C) high level of government intervention in the market. D) large number of buyers in the market.
Refer to Figure 17-2. Suppose the economy is at point C in the figure above. If workers adjust their expectations of inflation, which of the following will be true?
A) Workers and firms expect inflation to be 1%. B) The short-run Phillips curve will shift to the right. C) The natural rate of unemployment is 6%. D) The economy will move from C to A. E) The short-run Phillips curve will shift to the left.
If Sam is willing to pay $50 for one unit of good X, $30 for a second, $20 for a third, $8 for a fourth, and the market price is $10, then Sam's consumer surplus is:
A. $40 and he buys 1 unit of good X. B. $60 and he buys 2 units of good X. C. $70 and he buys 3 units of good X D. $68 and he buys 4 units of good X.
The tax revenue received by a government from a sales tax is larger if demand is relatively more elastic
a. True b. False Indicate whether the statement is true or false