Tag: Economics – Others

values are measured in current prices that are not adjusted for inflation. [1.2.3 Focus on Real Values]
values are measured in prices that have been (A) Real; Face

The market for workers is referred to as the labor market. Which of our 2 markets within our circular flow model is the labor market associated with?
Multiple Choice
Factor Market
Product Market

The government’s tax revenue function (in billions of dollars) is R=100t-125t2 where 0≤t≤1.
Calculate the tax revenue-maximizing tax rate t and show your work. Calculate R at 2 for #5.

Food stamps, child tax credits, Social Security, Medicare, Medicaid, and Unemployment are all payments made to (or for) an individual. What are these mandatory budget expenses referred to as?

If the price elasticity of demand is 0.2 and a firm lowers its price by 10 percent, the total revenue will
fall by 5 percent.
rise by 5 percent.
not change.
fall by 20 percent.

An electoral system in which parties gain seats in proportion to the number of votes cast for them is know as what?
Proportional Representation
Checks and balanaces
Separation of Powers
Federalism

If the expected rate of inflation were to increase from 3% to 4%, the IS curve (3) ____
Choice 1 of 3: remains stationary
Choice 2 of 3: shifts to the left
Choice 3 of 3: shifts to the right

If the price of cheese used to make macaroni and cheese _____, then the supply of macaroni and cheese will _____.
increases; not change
increases; increase
decreases; decrease
increases; decrease

If the United States limited the quantity of Mexican tequila that could be brought into the country for the next five years, this is called a(n) _____.
exchange control
tariff
embargo
import quota

hat is producing output at the lowest possible total cost of production per unit called?
Multiple choice question.
Marginal efficiency
Minimum efficiency
Allocative efficiency
Productive efficiency