What revived the United States' economy out of the Depression in the early 1940s?
A. the New Deal
B. a tax cut
C. spending on the war
D. suburbanization
C. spending on the war
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When firms in an industry are selling similar products, and they agree to share the market,
A) each firm earns a profit even though marginal cost is greater than marginal revenue. B) each firm secures a net revenue about as large as it would have received if it were the only seller. C) they try to keep each firm's price above its marginal cost. D) they tend to produce higher prices and larger output. E) the agreement will enforce itself because none of the firms will have an interest in triggering a competitive struggle.
An increase in price will result in no change in total revenue if:
A) the percentage change in price is large enough to cause quantity demanded to fall to zero. B) the coefficient of elasticity is equal to zero. C) the percentage change in quantity demanded is equal to the percentage change in price (in absolute values). D) the demand function is perfectly elastic.
A rational decisionmaker
a. ignores marginal changes and focuses instead on "the big picture.". b. ignores the likely effects of government policies when he or she makes choices. c. takes an action only if the marginal benefit of that action exceeds the marginal cost of that action. d. takes an action only if the combined benefits of that action and previous actions exceed the combined costs of that action and previous actions.
Which of the following activities would be included in GDP?
A. Your roommate pays you $40 to clean the house. B. Your parents send you $40 to hire a house cleaner, and you clean the house and keep the $40 yourself. C. You hire a cleaning service at $40 to clean your house. D. All of these would be included in GDP, since there was a monetary exchange.