During the 19th century, ____ was the mainstream school of economics.
A. classical
B. Keynesian
C. monetarism
D. supply-side
A. classical
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The figure above shows the market for tires. The figure shows that the government has imposed a tax of ________ per tire and that ________ pay most of the tax
A) $30; buyers B) $40; buyers C) $30; sellers D) $60; sellers E) $60; buyers
The Internet has created some special problems of intellectual property. One problem is that the
a. Internet is a monopoly, so the price of intellectual property exceeds marginal cost b. Internet market has not yet reached equilibrium c. property that can be downloaded, modified, and then re-sold d. marginal cost of enforcing property rights exceeds the marginal benefit e. price of intellectual property usually exceeds the marginal benefit
The aggregate demand curve slopes downward because of
a. the real wealth effect, the interest rate effect, and the price level effect b. the real wealth effect, the money supply effect, and the international trade effect c. the interest rate effect, the international trade effect, and the real GDP effect d. the real wealth effect, the interest rate effect, and the international trade effect e. the real wealth effect, the interest rate effect, and the net export effect
Economies of scale occur when the average total cost of producing each individual unit increases as the level of production increases
a. True b. False Indicate whether the statement is true or false