The portion of planned aggregate expenditure that is independent of output is called ________ expenditure.
A. potential
B. actual
C. planned
D. autonomous
Answer: D
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Which of the following pieces of legislation represents a liberalization of federal land policy?
a. The Homestead Act of 1862 b. The Desert Land Act of 1877 c. The Timber and Stone Act of 1878 d. All of the above are correct. e. Only a and c are correct.
Which is NOT a necessary condition for price discrimination to exist?
A) The firm must face a downward sloping demand curve. B) The firm must identify buyers with different elasticities of demand. C) The firm must be able to prevent resale of the product or service. D) The firm must establish different prices to reflect marginal cost.
A perfectly price elastic supply curve will be a(n) ________ line.
A. downward-sloping B. vertical C. horizontal D. upward-sloping
Refer to the figure above. The MSB curve lies to the right of the demand curve because the production of Good Y involves ________
A) positive externalities B) negative externalities C) increasing returns to scale D) decreasing returns to scale