During the Kennedy administration, what did economist Walter Heller propose to bring the economy back to full employment?
A) tariffs on imported goods B) a large government works program
C) tax cuts D) insourcing
C
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Suppose the price of capital and labor remain constant but that the average educational level of workers has increased and therefore, productivity of labor increases. This would lead a firm
A) to adopt a more capital-intensive production technology. B) to keep its output and production technology unchanged, but to use fewer units of labor. C) to adopt a more labor-intensive technology. D) to use only labor to produce the product.
Suppose that the equilibrium price in the market for widgets is $5 . If a law increased the minimum legal price for widgets to $6, producer surplus
a. would necessarily increase even if the higher price resulted in a surplus of widgets. b. would necessarily decrease because the higher price would create a surplus of widgets. c. might increase or decrease. d. would be unaffected.
When a country eliminates tariffs and other trade restrictions, intending to promote economic growth, it is pursuing _______–oriented policies
Fill in the blank(s) with correct word
Answer the following statement(s) true (T) or false (F)
1. Microeconomics is the study of the behavior of the overall economies of small countries. 2. Macroeconomics is the study of how certain occurrences affect the economy as a whole. 3. The supply of services is not part of the study of economies because it does not involve the exchange of goods. 4. Economics is the study of how goods and services are exchanged between individuals, businesses, and governments. 5. Traditional economies are the most common economies found in the world today.