Economic aggregates are studied by microeconomists.
Answer the following statement true (T) or false (F)
False
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Compared to the situation in which a good is legal, making the good illegal and imposing ________ results in less being sold
A) a much higher fine on sellers than on buyers B) a much higher fine on buyers than on sellers C) any fine on either the buyer or the seller D) all of the above
If we assume competitive labor markets, the supply curve of labor when the firm is a monopoly is
A) upward sloping. B) vertical. C) horizontal. D) downward sloping.
Gross National Product equals:
a) Net National Product adjusted for inflation b) Gross Domestic Product adjusted for inflation c) Gross Domestic Product plus net property income from abroad d) Net National Product plus net property income from abroad
Which of the following represents a good time for a country's government to use its fiscal policy to increase taxes:
A. While the economy is expanding B. When a recession lasts too long C. When inflation is too high D. While the economy is contracting