In order to ________, a government must increase spending and decrease taxation
A) decrease aggregate supply B) increase aggregate supply
C) decrease aggregate demand D) increase aggregate demand
D
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Many bars close to campuses have started offering cheaper beer to consumers with a student ID. These bars
a. Assume students have a inelastic demand curve b. Assume students have an elastic demand curve c. Are practicing price discrimination d. Both b and c
Data on the distribution of income among individuals and families in the United States indicate that
a. the power of labor unions and corporations is the major determinant of income inequality. b. the rich stay rich and the poor stay poor from one generation to another. c. much of the inequality in annual income emanates from differences in education, age, hours worked, and family size. d. the difference in annual income emanating from ownership of capital assets is the major source of economic inequality.
In the graph below, the price of capital is $500 per unit. Given a total cost of $50,000, the maximum amount of output possible is
A. 1,100 units of output. B. 500 units of output. C. 10,000 units of output. D. 50,000 units of output. E. none of the above
For a syrup producer in central Vermont, profit is maximized at the level of output for which total
A) revenue exceeds total cost by the largest amount. B) revenue exceeds total cost by the smallest amount. C) revenue is maximized. D) cost is minimized. E) revenue equals total cost.