Which of the following will cause the average fixed cost curve of making cigarettes to shift?
A) a $5 million penalty charged to each cigarette maker
B) a $1 per pack tax on cigarettes
C) a $3 per hour wage increase
D) an increase in the demand for cigarettes
A
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In the above figure, suppose the economy is initially on the demand for money curve MD1. What is the effect of an increase in real GDP?
A) The demand for money curve would shift rightward to MD2. B) The demand for money curve would shift leftward to MD0. C) There would be a movement upward along the demand for money curve MD1. D) There would be a movement downward along the demand for money curve MD1.
Which of the following would a person who believed in the doctrine of laissez faire disapprove of?
(A) The invisible hand of the marketplace. (B) Government funding of education. (C) Self-interest as the motivating force in the free market. (D) Consumer sovereignty.