Supply-side economics calls for:
a. lower taxes on businesses and individuals.
b. All of the answers are correct.
c. regulatory reforms to increase productivity.
d. government subsidies to promote technological advance.
b
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The figure above shows a typical perfectly competitive corn farm, whose marginal cost curve is MC and average total cost curve is ATC
Assuming there are no changes in technology, in the long run the lowest possible price for corn is ________ per bushel. A) $2.50 B) $2.00 C) $3.00 D) $3.50
Demand is inelastic only if
a. price elasticity has an absolute value of 1 b. price elasticity has an absolute value greater than 1 c. price elasticity has an absolute value less than 1 d. price elasticity is negative e. consumers do not respond to a change in price
The knowledge that students gain while in college is referred to by economists as human capital
a. True b. False
Tight monetary policy ________ interest rates which ________ the demand for a currency and ________ the fundamental value of the exchange rate.
A. increases; increases; decreases B. increases; decreases; increases C. decreases; decreases; decreases D. increases; increases; increases