Which of the following is not one of the three fundamental economic questions?
A. Where to produce?
B. For whom to produce?
C. How to produce?
D. What to produce?
Answer: A
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President Reagan often stated he preferred supply side policies. Which of the following federal government policies would be considered supply side?
i. decrease the quantity of money ii. lower taxes iii. lower the interest rate A) i only B) ii only C) iii only D) i and iii E) i, ii, and iii
Which one of the following is the best example of an oligopolistic industry?
A. wheat growers B. apple growers C. public utilities D. soft drinks
Which of the following is characteristic of a perfectly competitive market?
A. Identical products. B. Long-run economic profit. C. High barriers to entry. D. A small number of firms.
The age-earnings cycle is
A. the relationship between earnings while working and retirement benefits for an individual. B. the distribution of money income by age. C. the regular earnings profile of an individual throughout his or her lifetime. D. the distribution of wealth by age.