Antitrust activities by the government:
A. can cause inefficiencies.
B. sometimes increase the efficiency of a market.
C. are accused of being politically motivated.
D. All of these statements are true.
Answer: D
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Real business cycle theory states that the most important cause of business cycles is
A) shocks to the money supply. B) interest rate shocks. C) Federal Reserve policy decisions. D) shocks to tastes and technology.
Economists usually use the term "recession" to refer to: a. any slowdown in the growth of real GDP
b. zero real GDP growth. c. two or more consecutive quarters of declining real GDP. d. a reduction in nominal GDP lasting more than six months.
Suppose there are six bait and tackle shops that sell worms in a lakeside resort town in Minnesota. If we add the respective quantities that each shop would produce and sell at each of the six bait and tackle shops when the price of worms is $2 per bucket, $2.50 per bucket, and $3 per bucket, and so forth, we have found the
a. market demand curve. b. market supply curve. c. equilibrium curve. d. surplus or shortage depending on market conditions.
The degree of inequality in the distribution of income in an economy is depicted in a(n):
A. Lorenz curve B. Phillips curve C. Engels curve D. Indifference curve