In the circular flow diagram, firms get their ability to pay for the costs of production from the
What will be an ideal response?
revenues they receive for their products.
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Many communist dictators ban the adoption of new technologies to:
A) enhance economic growth. B) discourage creative destruction. C) encourage creative destruction. D) reduce inequality in income.
Which of the following is not held constant along a given demand curve for a good?
A. The price of substitute goods. B. Consumer's income. C. Price of the good itself (own price). D. Consumer tastes.
Refer to Figure 9.6. Including the consumers' expected tax burden, the total change in welfare from this policy is
A) -$6000. B) -$5250. C) -$4500. D) $4500. E) $5250.
Suppose the economy is experiencing a recessionary gap. In the long run, the money wage rate ________, unemployment ________, and the price level ________.
What will be an ideal response?