In 2011 national defense was just as large a general expenditure as Social Security.
A. True
B. False
C. Uncertain
B. False
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Which of the following is not an example of inflation causing a redistribution of income because the inflation was unanticipated?
A) Firms have to hire an extra worker to change prices in its store because of inflation. B) A worker receives a raise in salary that is less than the rate of inflation, because management under-predicted inflation. C) A bank collects a lower amount of interest from a loan because inflation was under-predicted. D) A firm signs a 3-year contract with a union based on a 2 percent anticipated rate of inflation per year, and the actual rate of inflation ends up being 7 percent per year.
An increase in the price of good X due to a reduction in its supply will: a. increase the total revenue of good X
b. decrease the total revenue of good X. c. increase the total revenue of goods that are substitutes for X. d. increase the total revenue of goods that are complements for X.
The goal of any monopolist is to maximize
a. economic profit b. normal profit c. price d. efficiency e. output
Which of the following is a question answered with normative economic reasoning?
A. If the college provided more financial aid assistance, would more students benefit? B. Should the college cut tuition to stimulate enrollment? C. If the college offers free parking for students, will more students drive to campus? D. If the college increased tuition, would class size decline?