The relationship between the economy's level of investment and changes in its national income is known as the
a. income multiplier
b. cyclical multiplier
c. induced investment phase of the business cycle
d. accelerated growth path function
e. accelerator
E
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Discounted tickets for children into events is what type of price discrimination?
A. First-degree price discrimination. B. Second-degree price discrimination. C. Third-degree price discrimination. D. It is not price discrimination.
Gross Domestic Product is best described as the
a. measure of a nation's total economic welfare. b. national income, including nonmarket income. c. sum of money values of all final output produced in the domestic economy within the year. d. national output minus environmental damage.
Adam Smith's behavioral assumption about humans was that people
A) typically act irrationally. B) usually act in a rational, self-interested way. C) are consistently greedy. D) typically act randomly.
If a tax is placed on perfectly competitive firms that impose external costs on society, the firm's ________ curve will shift up and the industry ________ curve will shift to the left.
A. marginal benefit; supply B. marginal cost; supply C. marginal benefit; demand D. marginal cost; demand