The term loanable funds refers to all income that is not used for consumption
a. True
b. False
Indicate whether the statement is true or false
False
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In 2014, over 75 percent of the revenue of the U.S. federal government was raised through
A) individual income and social insurance taxes. B) sales and corporate income taxes. C) property and social insurance taxes. D) individual income and property taxes.
Which of the following statements best describes how economic growth is represented in the AD/AS diagram?
a. In the AD/AS diagram, long-run economic growth due to productivity increases over time will be represented by a dramatic shift to the right of aggregate supply. b. In the AD/AS diagram, long-run economic growth due to productivity increases over time will be represented by a gradual shift to the right of aggregate supply. c. In the AD/AS diagram, short-run economic growth due to productivity increases over time will be represented by a dramatic shift to the right of aggregate supply. d. In the AD/AS diagram, short-run economic growth due to productivity increases over time will be represented by a gradual shift to the right of aggregate supply.
In the kinked-demand model of noncollusive oligopoly, each firm thinks the demand curve below the going price is:
A. more elastic than the demand curve above the going price. B. less elastic than the demand curve above the going price. C. less elastic than the marginal revenue curve above the going price. D. more elastic than the marginal revenue curve above the going price.
If a profit-maximizing monopolist is currently charging a price on the inelastic portion of its demand curve, it should ______.
a. raise price and decrease output b. lower price and increase output c. reduce both output and price d. hold output constant and raise price e. do none of these