The longest contraction in American history occurred
A) during the 1870s.
B) in the years right before World War I began.
C) during the 1930s.
D) during the 1970s.
A
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Which of the following is not an exogenous factor of production in the aggregate production function?
a. Technology b. The real wage c. Capital d. Labor e. These are all factors of production.
One of the reasons that pollution problems are as large as they are is that
a. markets let individuals and firms deplete valuable resources without charging money for doing so. b. markets are incapable of incorporating valuable resources such as air and pure water. c. governments use resources without paying for them the way that individuals and firms must. d. markets are not an efficient means to address scarcity.
The difference between the price a seller actually receives for a good and the seller's reservation price is:
A. consumer surplus. B. variable cost. C. producer surplus. D. profit.
The government imposes a unit excise tax on bubble gum. What happens as a result?
A) The equilibrium quantity of bubble gum increases. B) At the original market price, there will be a bubble gum surplus so price decreases. C) At the original market price, there is a bubble gum shortage and so price rises. D) There will be no change in either the market price or equilibrium quantity as long as the excise tax rate is 5 percent or less.