Refer to the information provided in Figure 16.3 below to answer the question(s) that follow. 
Figure 16.3Refer to Figure 16.3. At 20 units of output there are external
A. costs of $2 per unit.
B. benefits of $2 per unit.
C. costs of $5 per unit.
D. benefits of $5 per unit.
Answer: A
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Price controls may be thought of as
A) a restraint on the rationing function of prices. B) useful tools that promote production. C) necessary in market economies. D) the freeing-up of free market forces.
According to the Laffer curve, the federal tax rate affects:
a. incentive to work. b. savings. c. investment. d. tax revenue. e. All of these.
By definition, government purchases and taxes are zero for a closed economy
a. True b. False Indicate whether the statement is true or false
Which of the following is NOT true about the Great Depression?
A. Lasted from 1929-1933 B. unemployment rate was 25% and GDP fell 30% C. most severe downturn in US history D. severe inflation E. Stocks fell 90%