Supply-side economics is a term associated with the views of
a. Ronald Reagan and Arthur Laffer.
b. Karl Marx.
c. Bill Clinton and Greg Mankiw.
d. Milton Friedman.
a
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Refer to Common Property II. If the common property is privately owned, the surplus to the consumers is
a. Area I b. Area I + F + G c. Area I + F + G + H d. zero.
The Fed is part of the executive branch of the federal government
a. True b. False Indicate whether the statement is true or false
The principle of comparative advantage holds that nations should
a. specialize in activities for which they have the lowest opportunity cost. b. strive to become self-sufficient in production. c. produce only goods and services for which they have absolute advantage. d. become less labor-intensive and more capital-intensive.
A grocery store sells soup for $1.50 a can, or $2.50 for two cans. To a customer, the marginal cost of buying the second can of soup is
a. $1. b. $1.25. c. $1.50. d. $2.50.