When television commentators refer to "tax and spend" policy, they are referring to
A) monetary policy. B) the Federal Reserve policy.
C) automatic stabilizers. D) fiscal policy.
D
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Why do economists like competitive markets?
A. Competitive markets result in optimal and efficient levels of production. B. Competitive markets result in lower levels of production. C. Competitive markets are the best way to allocate every good or service. D. Competitive markets result in high prices and profit for sellers.
In 1941 Henry Luce coined the term ______________________ to describe the magnitude of America's economic and military prowess.
Fill in the blank(s) with the appropriate word(s).
A subsidy in an industry would be likely to increase the consumer surplus for buyers in that industry and increase the producer surplus for sellers in that industry
a. True b. False Indicate whether the statement is true or false
The price of oranges falls. What happens in the market for apples, which are a substitute for oranges?
A) The equilibrium price falls and the equilibrium quantity rises. B) The equilibrium price rises and the equilibrium quantity falls. C) The equilibrium price and quantity rise. D) The equilibrium price and quantity fall.