Increasing a tariff will ________ the domestic quantity consumed of the good, while ________ the domestic production of the good
A) increase; increasing
B) increase; decreasing
C) decrease; increasing
D) decrease; decreasing
C
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According to the economic way of thinking, elected government officials tend to favor
A) contractionary monetary policies. B) contractionary fiscal policies. C) expansionary monetary and fiscal policies. D) monetary and fiscal policies consistent with the public interest.
The fundamental goal of a firm or a business is to
A) produce the largest number of output units possible. B) employ labor in the most socially responsible manner possible. C) organize the factors of production and take risks. D) earn the highest possible returns.
________: a measure of the relative response of consumption of a good or service to changes in price
Fill in the blank(s) with correct word
________ is the market value of the final goods and services produced within the borders of a country during a particular period of time
A) Net Product Value B) Gross National Product C) Total Product D) Gross Domestic Product