Political stability is not a prerequisite to economic growth
Indicate whether the statement is true or false
FALSE
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The use of fiscal policy to stabilize the economy is limited because
A) changes in government spending and tax rates have a small effect on interest rates. B) the Internal Revenue Service (IRS) resists changes in tax rates because of all the changes they would have to make to the tax code. C) changes in government spending and tax rates have a small effect on aggregate demand. D) the legislative process can be slow, which means that it is difficult to make fiscal policy actions in a timely way.
According to the text, economic decision making refers to:
A) comparing costs and benefits. B) rejecting wish-driven strategies. C) ensuring that wants and needs are matched. D) analyzing demand and supply. E) forecasting.
Claire has just eaten her second bowl of cereal. We can say:
A. her third bowl will likely decrease her total utility. B. her second bowl likely reduced her total utility. C. her second bowl likely added less to her total utility than the first. D. her third bowl will likely increase her total utility by at least as much as the second.
At an output of 1,000 units per year, a firm's variable costs are $5,000 and its average fixed costs are $3. Its total costs per year are:
A. $10,000 B. $8,000 C. $6,000 D. $5,000