Which of the following benefits from a quota or VER?
A. consumers
B. domestic producers
C. the government
D. All of these
Answer: B
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Assume that an inflationary gap must be closed by reducing aggregate expenditures. If consumers refuse to cut spending on consumption and producers won't cut demand for investment goods, the President:
a. can do nothing. b. must build more roads. c. must borrow from Wall Street. d. must increase Social Security expenditures. e. must cut government spending.
Which of the following statements is true?
A) Models help economists to explain the past, but do not help in predicting the future. B) The scientific method used by economists is based on idealism and not empiricism. C) Testing with data enables economists to distinguish between good models and bad models. D) Models that economists use are perfect replicas of reality.
A monopolistic competitor in long-run equilibrium is like a perfect competitor in that
A) price equals marginal cost. B) price is greater than marginal cost. C) zero economic profits are made. D) both produce at the minimum points of their average total cost curves.
It is most likely that the federal government will never actually pay off the national debt
a. True b. False Indicate whether the statement is true or false