Which of the following is a "unit-free" measure?
A. Price elasticity of demand
B. Producer surplus when the supply curve is vertical
C. Consumer surplus when the demand curve is horizontal
D. Market supply
Answer: A
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If you were building a macroeconomic model that explores the effect of the aging population on the needed expenditure for Social Security and Medicare, the exogenous variable(s) would be the
A) aging population. B) needed expenditure on Social Security. C) needed expenditure on Medicare. D) needed expenditure on both Social Security and Medicare.
If there's demand-pull inflation in the economy, then government policy should
a. increase taxes and cut spending, which would shift AD to the left b. increase taxes and spending, which would shift AD to the left c. decrease taxes and spending, which would shift AD to the left d. decrease taxes and increase spending, which would shift AD to the right e. increase taxes and cut its spending, which would shift AS to the left
From an economic point of view, someone who goes shopping for groceries every week has a great deal of practice with how to purchase the combination of goods that will provide the most utility, even if the shopper doesn't phrase decisions in terms of a budget constraint
a. True b. False Indicate whether the statement is true or false
The fact that the president must ask Congress for the authority to cut taxes is an example of
A. A rational expectations problem. B. An implementation problem. C. A measurement problem. D. A goal conflict.