Mainstream economists focus on:
A. cultural and historical aspects of the market.
B. the tensions among social classes.
C. how the invisible hand achieves equilibrium through the market.
D. political restrictions that provide rents to various groups.
Answer: C
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An increase in the income tax ________ potential GDP by shifting the labor ________ curve ________
A) decreases; demand; leftward B) increases; demand; rightward C) decreases; supply; rightward D) decreases; supply; leftward E) increases; supply; rightward
When financial institutions are able to reduce the costs of information for each service they offer by applying the same information source to each service, we say that the financial institution is realizing
A) economies of scope. B) economies of scale. C) increasing returns. D) diminishing marginal returns.