When demand falls and supply stays the same,
A. equilibrium quantity rises.
B. equilibrium quantity falls.
C. equilibrium quantity stays the same.
B. equilibrium quantity falls.
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The ability of the federal government to regulate the distribution of income among families and individuals is
A) enormous, as shown by the redistribution that has occurred from the rich to the poor since World War II. B) largely limited to what can be accomplished through revisions in the rules of the game. C) unlimited because government is sovereign. D) virtually unlimited because few people would be willing to emigrate merely in order to escape taxation.
The goal of expansionary fiscal policy with respect to output is to:
A. increase spending and shift aggregate demand to the right in an effort to reach full employment output. B. increase spending and aggregate demand to get back to an output level the government is comfortable with. C. decrease government spending in an attempt to get the private economy back on track. D. increase spending and shift aggregate demand to the left in an effort to reach full employment output.
Which of the following was a result of the Dodd-Frank Act?
a. restricted bank activities b. established a new consumer protection agency c. tougher regulations for banks d. All of the above
Which of the following statements or questions exemplify normative economics? (check all that apply)
a. The government ought to bail out distressed banks. b. What will be the result of a Continental Airlines and United Airlines merger? c. The government should increase the minimum wage. d. What should the Federal minimum wage be? e. When the price of gas rises, the quantity consumed falls.