A perfectly competitive producer faces a demand curve for its own product that is
A. horizontal.
B. upward sloping.
C. vertical.
D. downward sloping.
Answer: A
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Which of the following could result in a recession?
A) a rise in the price of oil B) an increase in investment C) a tax cut D) an increase in the quantity of money E) an increase in government expenditures on goods and services
The payment for current rather than future command over resources is
A. an implicit cost. B. interest. C. opportunity cost. D. an implicit benefit.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, an increase in unemployment may be represented by the movement from
A. B to A. B. A to C. C. C to D. D. B to D.
Supply-side economists contend that the system of taxation in the United States:
A. Creates incentives to save and invest B. Creates dis-incentives to work C. Generates maximum tax revenue D. Reduces the effects of cost-push inflation