Electricity and internal combustion engines are general-purpose technologies. They permit the functioning of a wide range of goods, service and production systems
Indicate whether the statement is true or false
True
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Suppose equilibrium income in an economy decreases by $600 as a result of a change in government spending. If the multiplier is 3, what is the change in government spending?
a. Government spending will decrease by $1,800. b. Government spending will decrease by $600. c. Government spending will decrease by $200. d. Government spending will increase by $400. e. Government spending will increase by $1,200.
With each additional unit consumed, ______ decreases.
a. marginal utility b. consumer equilibrium c. product substitution d. total utility
Which of the following is an example of a normative question?
A) What fraction of an income tax cut will be spent on imported goods? B) How will an increase in the inheritance tax affect tax revenues? C) How will an increase in unemployment benefits affect the unemployment rate? D) Should Florida implement a state income tax to reduce its deficit?
If the model of price-taking firms is so unrealistic and restrictive, why study it?