Since 1970, the highest unemployment rate in the U.S was associated with the recession of
A. 1974-1975.
B. 1980-1982.
C. 1990-1991.
D. 2008-2009.
Answer: B
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If the market price of a product is $14 and all sellers are price takers, then which of the following is correct?
A) Each seller's total revenue line is graphed as an upward-sloping straight line. B) The demand curve for each seller's product is a downward-sloping straight line. C) Each seller can earn more total revenue by raising the price he or she charges above $14. D) The demand curve for each seller's product is a downward-sloping but not necessarily a straight line. E) Each seller's total revenue is graphed as an upside-down U-shaped curve.
Kate's Great Crete (KGC) is a local monopolist of ready-mix concrete. Its annual demand function is Q = 20,000 - 400P, where P is the price, in dollars, of a cubic yard of concrete and Q is the number of cubic yards sold per year. What is KGC's marginal revenue function?
A. MR = 20,000 - 200Q B. MR = 400 - 10,000Q C. MR = 50 - (1/400)Q D. MR = 50 - 0.005Q
The graph for the Phillips curve shows an ______ relationship between the rate of unemployment and the rate of inflation.
a. independent
b. indeterminate
c. identical
d. inverse
Publicly provided health insurance for the poor will
A. lower the price of health care to the non-poor and increase the total amount of health care consumed. B. increase the total amount of health care consumed. C. raise the level of health care consumed by the non-poor. D. lower the price of health care to the non-poor.