Which one of the following macroeconomic theories is most closely associated with the Laffer curve?
A. Monetarism
B. New classical economics
C. Keynesian economics
D. Supply-side economics
D. Supply-side economics
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The distribution of income in the United States is skewed so that the mode level of household income is ________ the median household income and the median household income is ________ than the mean household income
A) less than; less than B) less than; greater than C) greater than; greater than D) greater than; less than
A firm produces an output level at which price is greater than marginal cost. Explain why this is inefficient
What will be an ideal response?
Using Figure 1 below, if the aggregate demand curve shifts from AD2 to AD1 the result in the long run would be:
A. P1 and Y2.
B. P3 and Y1.
C. P2 and Y3.
D. P2 and Y1.
As the price of tomatoes fell from $2.50 to $2.00, the quantity imported from Mexico fell from 1,800 tons to 900 tons. The elasticity of supply of tomatoes imported from Mexico is:
A. 5. B. 0.25. C. 3.0. D. 0.3.