Microeconomics is concerned with the study of
A) the effects of inflation.
B) the effects of government spending.
C) the effects on individual producers of higher wages paid to workers.
D) aggregates.
C
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As a possible approach to eliminating the government budget deficit, increasing taxes on the rich only would
A) not lead to a significant increase in tax revenues. B) lead to a significant increase in tax revenues. C) lead to an increase in real GDP. D) lead to a greater number of entitlements.
Refer to Figure 13-2. Ceteris paribus, a decrease in the labor force would be represented by a movement from
A) SRAS1 to SRAS2. B) SRAS2 to SRAS1. C) point A to point B. D) point B to point A.
Excessive regulation may lead to
a. corruption b. attempts to evade regulations c. high costs of complying with regulation d. lobbying to remove regulation e. all of the above
If the government wanted to reduce the quantity of a good traded, it could do so by: a. setting a price ceiling for the good below the equilibrium price. b. setting a price floor for the good above the equilibrium price. c. taxing the good more heavily
d. doing any of the above.