The market system is also known as:
A. Capitalism
B. Socialism
C. Central planning
D. Production system
Answer: A
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A flat IS curve implies that
A) an increase in money supply will change output by a relatively small amount. B) a decrease in taxes will change output by a relatively large amount. C) changes in money supply will have large multiplier effects on output. D) A and B.
Refer to Scenario 15.1. In terms of this year's dollars, this "Fifty Million Dollar" contract is worth approximately
A) $45.4 million. B) $37.9 million. C) $10 million. D) $9.4 million. E) $7.5 million.
A sin tax is an example of:
A. a Pigovian tax. B. government policy increasing total surplus in a market. C. a tax that increases the efficiency of a market. D. All of these statements are true.
Which pair of goods is likely to have the largest positive cross-price elasticity?
A. Butter and margarine B. Ramen noodles and a Rolex watch C. Peanut butter and jelly D. Cross-price elasticity is always negative, and simply reported in absolute value.