If the demand for KFC chicken is price elastic, a fall in the price of KFC chicken will raise the total revenue
Indicate whether the statement is true or false
TRUE
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An advocate of supply-side fiscal policy would advocate which of the following?
a. Subsidies to produce technological advances. b. Reduction in regulation. c. Reduction in resource prices. d. Reduction in taxes. e. All of these.
The Fed's control of the money supply is not precise because
a. Congress can also make changes to the money supply. b. there are not always government bonds available for purchase when the Fed wants to perform open-market operations. c. the Fed does not know where all U.S. currency is located. d. the amount of money in the economy depends in part on the behavior of depositors and bankers.
Government consumption includes all
A. salaries paid to factory workers. B. fuel for nuclear submarines. C. pencils bought by a private university. D. cola served in a company cafeteria.
The production possibilities curve for the nation of Economagic shifts to the left. This could have been caused by:
A. an increase in Economagic's labor supply. B. innovation in the production of goods in Economagic. C. a war that destroyed some of Economagic's resource base. D. unemployment among Economagic's workers.