Public goods could effectively be provided by private markets, but we choose to provide them through government
a. True
b. False
Indicate whether the statement is true or false
False
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A permanent increase in demand ______ economic profit in the short run and some firms will ____ in the long run
A. does not change; exit the market B. increases; enter the market C. increases; raise their price D. does not change; advertise their good
The federal gasoline tax is an example of:
A. a specific tax. B. an ad valorem tax. C. a lump sum tax. D. an income tax.
Refer to the above figure. Suppose there are L4 workers in the union, and the union wants all of its workers to have a job. It will set the wage rate at
A) W1. B) W2. C) W3. D) W4.
The use of spending and taxes by the government to influence aggregate demand is known as
a. monetary policy. b. governmental policy. c. administrative policy. d. fiscal policy. e. federal policy.