A supply schedule is characterized by which of the following?
(A) It shows the quantity supplied at only one price.
(B) It lists supply for a specific good.
(C) It is sensitive to changes in the costs of labor and parts.
(D) It shows the factors that could influence supply.
Ans: (B) It lists supply for a specific good.
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What will be an ideal response?
When states make car insurance mandatory for all drivers, it
A) raises rates for everyone because it brings bad drivers into the pool. B) raises rates for high-risk drivers. C) may lower rates for all drivers to the extent that it keeps low-risk drivers in the pool. D) prevents high-risk drivers from "selecting out," to the detriment of low-risk drivers. E) increases the amount of information available to insurers about the population.
Which of the following is likely to happen if the government lowers tax rates?
A) Price level will fall. B) Investment will decrease. C) Consumption will increase. D) Unemployment will increase.
Which of the following best describes supply-side economics?
A) Education affects the incentive to work, save, and invest and, therefore, aggregate supply. B) Tax rates, particularly marginal tax rates, affect the incentive to work, save, and invest and, therefore, aggregate supply. C) Labor productivity affects aggregate supply. D) Education affects labor productivity which affects aggregate supply.