Which of the following options could be used to eliminate a recessionary gap?
a. Decrease government spending
b. Decrease consumption
c. Decrease investment
d. Decrease taxes
d
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Suppose that U.S. tastes for British goods increase. Then, in Figure 9-3
a. the supply curve shifts from S1 to S2 b. the supply curve shifts from S2 to S1 c. the demand curve shifts from D2 to D1 d. the demand curve shifts from D1 to D2 e. both demand and supply shift to the right
Explain why total utility is maximized when the marginal utility per dollar on all goods is equal
What will be an ideal response?
Suppose a state charges an in-state student $2,000 in tuition for a college education and charges an out-of -state student $10,000 in tuition. This differential
A) is a result of the state subsidizing education for its residents. B) explains the difference between the demand curve for high-skilled and low-skilled labor. C) explains the difference between the supply curve for high-skilled and low-skilled labor. D) can be corrected via a negative income tax. E) is an example of the positive theories of income redistribution.
Gross domestic income can be defined as
A. the sum of all incomes earned by individuals. B. the sum of all incomes earned by all factors of production in a year. C. the sum of all profits earned minus depreciation. D. the sum of all profits earned by businesses in a year.