Fiscal policy influences the levels of income and employment
A. through regulatory controls designed to stimulate business investment.
B. through antitrust enforcement.
C. through presidential and congressional "jawboning" (speeches and related verbal exhortations) designed to promote economic growth.
D. through changes in taxes, transfers, and expenditures.
D. through changes in taxes, transfers, and expenditures.
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A measure of a country's production is its
A) general domestic production. B) gross domestic product. C) gross daily production. D) general daily product. E) gross total output.
Suppose a consumer only consumes goods x and y, and suppose that x is a normal good while y is an inferior good. Which of the following is might be true?
A. The cross-price elasticity of demand for x is positive. B. The cross-price elasticity of demand for x is negative. C. The own-price elasticity of demand for y is positive. D. The own-price elasticity of demand for y is negative. E. Both (a) and (c). F. Both (b) and (d). G. All of the above. H. None of the above.
Suppose a babysitter demands payment in full before the parents go out for the night. Using the economic way of thinking, the babysitter is clearly
A) exploiting the parents. B) exploiting the children. C) selling short. D) in it only for the money.
If a multi-plant firm has three plants and uses each of the plants to produce its product, the marginal cost to produce the firm's product is equal to ________.
A) the sum of the marginal costs from each of the three plants B) the plant with the highest marginal cost C) the plant with the lowest marginal cost D) the sum of the average fixed costs from each of the three plants