Which of the following factors is not a major cause of long-term economic growth?
a. Government-defined property rights for individuals
b. A stable, fair, and predictable political environment
c. Expansionary fiscal policy (i.e., lower taxes and higher government spending)
d. Competitive markets
e. Free movement of goods, services, capital, and labor
.C
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With fixed costs of $200 . a firm has average total costs of $5 and average variable costs of $3 . Its output is:
a. 100 units. b. 40 units. c. 66.67 units. d. Need more information
Which statement is false?
A. Looking at our trading pattern with Japan, one might reach the conclusion that we were an economic colony of Japan. B. Until the 1990s, the United States was the prime exporter of consumer electronics products, such as TVs, cameras and DVD players. C. In 1984 U.S. trade deficits first passed the $100 billion mark. D. The last year the U.S. ran a trade surplus was 1975.
If the price elasticity of demand for insulin is equal to zero then the demand curve for insulin is
A) horizontal. B) downward sloping. C) curvilinear. D) vertical.
If the supply curve is more inelastic than the demand curve, then:
A. the sellers will bear a smaller tax incidence than the buyers. B. the sellers will bear a greater tax incidence than the buyers. C. the sellers will bear an equal tax incidence as the buyers. D. Any of these could be true.