The problem for government policy makers of knowing just where the business cycle turning points are is important in implementing
a. a balanced budget
b. sustained economic growth
c. appropriate technology
d. countercyclical fiscal policy
e. inflationary and deflationary gaps
D
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If the U.S. government imposes a tariff on imported steel, who else besides U.S. steel producers gains from the tariff?
A) U.S. steel consumers B) the U.S. government C) U.S. importers of steel D) foreign exporters of steel E) the foreign government
The marginal utility of a second copy of today's New York Times is
a. infinite b. practically zero c. positive and greater than the marginal utility of the first copy d. equal to the marginal utility of the first copy e. 50 cents
The opportunity cost of labor is the time forgone for leisure
a. True b. False Indicate whether the statement is true or false
Suppose that an increase in the price of melons from $1.30 to $1.80 per pound increases the quantity of melons that melon farmers produce from 1.2 million pounds to 1.6 million pounds. Using the midpoint method, what is the approximate value of the price elasticity of supply?
a. 0.67 b. 0.89 c. 1.00 d. 1.13