For a perfect competitor, the marginal revenue curve will be
A) horizontal.
B) vertical.
C) positively sloped.
D) negatively sloped.
A
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If real GDP exceeded potential real GDP and inflation was increasing, which of the following would be an appropriate fiscal policy?
A) an increase in oil prices B) an increase in taxes C) an increase in government spending D) a decrease in the money supply and an increase in the interest rate
If a borrower arbitrarily gains purchasing power as the result of a particular loan agreement, then
A. actual inflation was greater than expected inflation. B. actual inflation was equal to expected inflation. C. actual inflation was less than expected inflation. D. the real interest rate was greater than the nominal interest rate.
Refer to the information provided in Table 24.7 below to answer the question(s) that follow.
Table 24.7All Numbers are in $ Million
Refer to Table 24.7. Suppose the economy is in equilibrium and the government raises taxes from $200 million to $250 million, equilibrium output will ________ by $________ million.
A. increase; 200 B. decrease; 200 C. decrease; 50 D. increase; 50
The graphs below illustrate the market for a product on which an excise tax has been imposed by government. Refer to the below graph. How much of the excise tax per unit is shouldered by the buyers?
A. $3
B. $5
C. $6
D. $8