Which of the following is NOT a supply-side policy?
A. Decrease taxes
B. Cut government spending
C. Balance the budget
D. Increase government spending in response to a deflationary gap
D. Increase government spending in response to a deflationary gap
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The preferences of the representative consumer over consumption and leisure are represented by use of a
A) production function. B) utility function. C) benefit function. D) preference function.
Suppose MPL = 0.5 ? (q/L) and MPK = 0.5 ? (q/K). In the long run, the firm will hire equal amounts of capital and labor
A) all of the time. B) only when w = r. C) only when w = 0.5 ? r. D) at no point in time.
Use the following statements to answer this question. I. To maximize profit, a firm will advertise more when the advertising elasticity is larger. II. To maximize profit, a firm will advertise more when the price elasticity of demand is smaller
A) Both I and II are true. B) I is true, and II is false. C) I is false, and II is true. D) Both I and II are false.
Which of the following is most likely to be private property?
A. bees B. farm raised shrimps C. house flies D. winds