Congressional repeal of an executive action taken in the course of administering a law is known as a
a. line-item veto.
b. legislative veto.
c. discretionary veto.
d. political veto.
Ans: b. legislative veto.
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The idea that business fluctuations are primarily caused by factors affecting aggregate supply rather than aggregate demand is a central tenet of
A. efficiency wage theory. B. mainstream economics. C. real business cycle theory. D. monetarism.
What does it mean for a person or nation to have a comparative advantage in producing a product?
What will be an ideal response?
The above table shows the distribution of wealth and income in Miseria. The Lorenz curve for wealth would
A) intersect the horizontal axis at 100 percent. B) bow outward more to the right than does the Lorenz curve for income. C) lie parallel to the line of equality. D) become flatter as one moves from left to right.
Marginal revenue of nth unit of output is:
a. total revenue of (n+1)th unit minus total revenue of nth unit. b. total revenue of nth unit minus total revenue of (n-1)th unit. c. total revenue of (n+1)th unit minus total revenue of (n-1)th unit. d. the sum of total revenue of (n+1)th unit and nth unit. e. the sum of total revenue of (n+1)th unit and (n-1)th unit.