How could the economic planning process in the United States and most of Europe best be described?
a. decentralized
b. centralized
c. government-centered
d. collectively focused
a. decentralized
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A decrease in taxes should be applied in a situation with
A) a recessionary ga
When the price of a good changes but the price of the only other good bought by a consumer stays constant, his
a. budget line shifts. b. indifference curves shift. c. budget line changes slope. d. indifference curves change slope.
If a firm has a U-shaped long-run average cost curve,
a. its fixed cost rises as output rises. b. it must have increasing returns to scale at low levels of production and decreasing returns to scale at high levels of production. c. it must have increasing returns to each input at low levels of production and decreasing returns to each input at high levels of production. d. the firm can maximize its output by operating at the point of minimum long-run average cost.
Which of the following is eliminated when the economy's output is equal to full-employment GDP?
A. The MPC. B. The multiplier. C. Leakages and injections. D. The real GDP gap.