Which of the following best illustrates perfect competition?
a. Wheat farming.
b. Orange growers setting quotas under the Sunkist cooperative.
c. General Motors advertising campaign for its cars.
d. All of these.
a
Economics
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When the government levies a $100 million tax on people's income and puts the $100 million back into the economy in the form of a spending program, such as new interstate highway construction, the:
a. tax, then, generates a $100 million decline in real GDP. b. level of real GDP expands by $100 million. c. effect on real GDP is uncertain. d. tax multiplier overpowers the income multiplier, triggering a rollback in real GDP.
Economics
Microeconomics focuses on: a. economic growth
b. trade balances. c. unemployment. d. the actions of individual households.
Economics