An economy's resources include
A) raw materials.
B) factories and machinery.
C) human knowledge.
D) all of the above
D
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OPEC is an example of a:
A. cartel. B. duopoly. C. monopoly. D. monopsony.
Refer to Figure 4-12. The figure above represents demand and supply in the market for cigarettes. Use the diagram to answer the following questions
a. How much is the government tax on each pack of cigarettes? b. What portion of the unit tax is paid by consumers? c. What portion of the unit tax is paid by producers? d. What is the quantity sold after the imposition of the tax? e. What is the after-tax revenue per pack received by producers? f. What is the total tax revenue collected by the government? g. What is the value of the excess burden of the tax? h. Is this cigarette tax efficient?
In the Keynesian model, if planned investment exceeds planned saving at full-employment output,
a. unemployment is likely to develop. b. government spending may be needed to balance the economy. c. inflation is likely to occur. d. None of these.
Firms have ________ over their ________ costs in the short run.
A. no control; fixed B. control; overhead C. no control; variable D. control; fixed