If this is an open economy, quantity supplied of cars by the domestic producers will be ________.
A. 20,000
B. 80,000
C. 60,000
D. 40,000
Answer: A
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Of the following, which is the largest source of government funds in the long run?
A) government borrowing B) government transfers C) user fees D) taxation
Cost pull inflation occurs when the:
A. price of a key input increases suddenly. B. price level changes in response to changes in the business cycle. C. price of necessity goods increases suddenly. D. business cycle becomes sporadic and unpredictable.
The major economic problem is to:
a. provide for full employment. b. eliminate scarcity. c. increase the standard of living. d. allocate limited resources among unlimited uses. e. increase leisure.
Entry leads to reduced firm profits because it leads to a lower price.
Answer the following statement true (T) or false (F)