From the viewpoint of the entire economy, the cost of government is
a. equal to the amount of taxes collected.
b. greater than the amount of taxes collected.
c. less than the amount of taxes collected.
d. equal to the level of government expenditures.
B
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A contestable market is one in which there are
A) one or a few firms, and entry into the market is costly. B) one or a few firms, and entry into the market is not costly. C) many firms, and entry into the market is costly. D) many firms, and entry into the market is not costly.
Which of the following will most likely happen when better technology is used in production?
A) an upward movement along the production possibilities curve B) an outward shift of the production possibilities curve C) an inward shift of the production possibilities curve D) a downward movement along the production possibilities curve
To eliminate a recessionary gap, the Fed can: a. increase the money supply as it will increase the interest rate and investment
b. increase the money supply as it will decrease the interest rate and increase investment. c. decrease the money supply as it will increase the interest rate and investment. d. decrease the money supply as it will decrease the interest rate and investment. e. decrease the money supply as it will increase the interest rate and decrease investment.
What does it mean for a firm to be a price taker in the labor market?
What will be an ideal response?