Historically, the effect of economic growth generally has been to make:
A. the poor poorer and the rich richer.
B. the rich richer but not affect the poor.
C. the poor richer and the rich poorer.
D. all income levels richer.
Answer: D
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Which of the following is true with regard to the use of countercyclical fiscal policy as a stabilization tool?
What will be an ideal response?
Under pure competition the market price of an output is $3. The output schedule of a firm using input X is listed in the table below. If the price of input X is $12, how many units of input X will the firm employ to maximize profits?
A. 4
B. 5
C. 7
D. 9
Which of the following was the least prominent crop grown in the colonial U.S.?
a. Tobacco b. Sugar c. Wheat d. Rice
In the short run, monopolistically competitive firms behave like ________________, but in the long run, the profit of a firm is similar to that of ________________.
A. monopolies; perfectly competitive firms B. perfectly competitive firms; monopolies C. monopolies; oligopolies D. oligopolies; perfectly competitive firms