Entrepreneurship functions better when
A) the government performs the entrepreneurial function.
B) there is a well-defined property rights system.
C) saving is relatively low.
D) most of the population has low levels of education.
B
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According to traditional Keynesians, monetary policy as a tool to fight a recession
A) is very effective because interest rates will fall immediately. B) has an uncertain effect on the economy, depending on the direction of fiscal policy. C) is ineffective because interest rates will not fall. D) cannot be determined because traditional Keynesians do not consider monetary policy at all.
If the demand for a monopoly's output shifts rightward, the change in quantity produced is NOT predictable because
A) the monopoly is a profit maximizer. B) the monopoly is a price taker. C) the monopoly has no supply curve. D) the monopoly's marginal cost curve might not be upward sloping.
If the demand curve for economics textbooks shifts to the left, then the value of the marginal product of labor for economics textbook authors will
a. rise. b. fall. c. remain unchanged. d. rise or fall; either is possible.
In this graph showing welfare effects of a price floor when the government buys the surplus, after a price floor is set, ______.
a. producer surplus increases b. consumer surplus increases c. prices drop d. output rises