The name given to government programs implemented to prevent or shorten recessions and counteract inflation is
A. supply-side economics.
B. contractionary policy.
C. monetary policy.
D. stabilization policy.
Answer: D
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Which of the following are sources of revenue for state and local governments?
i. property taxes ii. sales taxes iii. transfers from the federal government A) i, ii and iii B) ii and iii C) i and ii D) i only E) i and iii
In the long run, new firms enter a perfectly competitive market when
A) normal profit is greater than zero. B) economic profit is equal to zero. C) normal profit is equal to zero. D) economic profit is greater than zero. E) the existing firms are weak because they are incurring economic losses.
A monopolist's demand curve is
a. its marginal cost curve b. its marginal revenue curve c. identical to the market demand curve d. the same as the demand curve of a firm in perfect competition e. nonexistent
The law of increasing costs causes the production possibilities curve to be bowed outward from the origin
Indicate whether the statement is true or false