Reductions in transportation costs help explain the increase in U.S. trade flows
a. True
b. False
Indicate whether the statement is true or false
True
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Fill in the blank: Firms under perfect competition would enjoy ________ market power
A) absolutely no B) some C) much D) total
Which of the following best illustrates the fallacy of composition?
a. If I stand up at a baseball game I will be able to see the game better; if all fans stood up at a baseball game they would all be able to see the game better. b. If I wore a jacket to a baseball game in October, I would be warmer; if all fans wore jackets they would all be warmer. c. If I purchase fewer concessions at a baseball game, I will save money; if all fans purchase fewer concessions then all can save money. d. If I yell more during a baseball game it will be louder if all fans yell more during the game it will be much louder.
If the self-correcting mechanism operates quickly,
a. direct intervention is less necessary to close a recessionary gap. b. fiscal stimulus is far more useful in closing a recessionary gap than monetary policy. c. monetary policy is far more useful in closing a recessionary gap than fiscal policy. d. fiscal stimulus is ineffective and inflation will occur.
In a city that has rent control for apartments, there is
A. a shortage of renters in the city. B. a surplus of apartments available to rent. C. less turnover of apartments. D. neither a surplus nor a shortage of apartments.