In the early 1900s,
a. federal and state governments typically supported management and opposed labor unions.
b. "government by injunction" was a strong weapon for combating strikes.
c. using troops to break strikes was considered a legitimate use of police power.
d. the Supreme Court upheld employers' use of antiunion contracts.
e. All of the above.
e. All of the above.
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In the long-run equilibrium in a perfectly competitive market,
A) the firms make an economic profit. B) the firms' owners make a normal profit. C) the average total cost is maximized. D) marginal cost is at a minimum.
The U.S. national debt at the end of fiscal year 2014 was almost
A. $13.5 trillion. B. $9.0 trillion. C. $18 trillion. D. $1.3 trillion.
A natural monopoly exists if: a. several former competitors merge to become the only producer in the industry
b. average cost of production is lowest when only one firm produces the entire industry output. c. one firm controls the supply of an essential input used by the industry. d. a firm has a patent or copyright.
By raising the legal reserve requirement, the Federal Reserve System
a. forces banks to hold funds from repaid loans as required reserves instead of lending the funds again b. creates many new lending opportunities for cash-strapped financial intermediaries c. actually creates new money because it allows more borrowers to come into banks to demand loans d. seeks to increase the potential money multiplier e. encourages member banks to loan more than what is legally feasible