Refer to Figure 22-3. Technological change is shown in the figure above by the movement from
A) B to E. B) B to D. C) B to C. D) B to A.
A
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If new firms enter a perfectly competitive industry, the market supply
A) does not change. B) becomes more price elastic. C) becomes more price inelastic. D) increases. E) decreases because each firm produces less than before the entry.
According to your authors, a recessionary "bust" is
A) an inherent part of any market economy. B) a correction of the mistakes generated during the prior expansionary "boom." C) an event that can be successfully recovered through fiscal "stimulus" policies. D) identified by a rise in real GDP.
A theory predicts that all swans are white. A thousand people go out into the field and identify the color of the swans they see. Their results reveal that, of the 10,000 swans they saw, all were white. It follows that
A) the swan theory is a falsifiable theory. B) the swan theory is correct. C) the evidence fails to reject the swan theory. D) a and b E) a and c
Explain how bank regulators seem to face a bit of a paradox regarding preventing monopoly power by banks and spurring competition.
What will be an ideal response?