Authorization to start a business issued by the local government:
a. license
b. dividend
c. liability
d. stock
e. bill of attainer
Ans: a. license
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An elastic demand indicates that
A) quantity demanded does not vary with changes in the price. B) relatively small changes in price lead to relatively large changes in quantity demanded. C) relatively large changes in price are required to obtain a relatively small change in quantity demanded. D) relatively large changes in quantity demanded lead to relatively large changes in price.
If a lump-sum income tax of $25 billion is levied and the MPS is .20, the:
A. saving schedule will shift upward by $5 billion. B. consumption schedule will shift downward by $25 billion. C. consumption schedule will shift downward by $20 billion. D. consumption schedule will shift upward by $25 billion.
The source of the benefits of the division of labor is
A. the efficiency that results from workers specializing in one aspect of production. B. that when each worker is equally capable, each worker adds to production exactly the same as the previous one. C. the fact that anytime you increase labor you get more output. D. the inefficiency that results from the fact that capital is fixed.
Refer to the information. If the real interest rate is 5 (percent), investment will be:
Answer the question on the basis of the following information for a private closed economy. where S is saving, I g is gross investment, i is the real interest rate, and Y is GDP.
A. $10 and the equilibrium GDP will be $75.
B. $15 and the equilibrium GDP will be $100.
C. $10 and the equilibrium GDP will be $120.
D. $15 and the equilibrium GDP will be $180.