In the News article, "Are Profits Bad?" most Americans feel that the profit motive
A. Is good.
B. Is bad.
C. Do not motivate better product results and lower prices.
D. Cause firms to ignore social needs.
Answer: A
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Suppose a sales tax of $1 is imposed on DVDs. Suppose the tax causes the price received by suppliers of the DVDs to fall by 60 cents. In this situation, the economic incidence of the sales tax
a. falls more heavily on the demanders of DVDs. b. falls more heavily on the suppliers of DVDs. c. is evenly split between the demanders and suppliers of the DVDs. d. is the same as the legal incidence of the tax.
The economic question of "what to produce" is often referred to as the distribution question
a. True b. False
The long run is a planning period:
a. during which the firm can vary its plant size. b. less than six months. c. less than one year. d. less than five years.
The liquidity-preference model was first introduced in:
A. 2008 by Ben Bernanke. B. 1936 by John Maynard Keynes. C. 1776 by Adam Smith. D. 1970 by John Kenneth Galbraith.