Which of the following doesn't characterize the properties of a dollar:
A. can reflect the cost of living in terms of the goods it can purchase.
B. has no worth itself, but represents goods we can buy with it.
C. changes in value over time.
D. it has a fixed value that doesn't change over time.
Answer: D
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Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
Each person goes about her daily business seeking to maximize her own self interests. In doing so, she contributes to the welfare of society at large. This is the idea underlying Adam Smith's "invisible hand."
Indicate whether the statement is true or false
A firm that is NOT maximizing profits
A) would never be able to operate in the United States. B) must not be owned by stockholders. C) may find it difficult to raise financial capital from external capital markets. D) is likely to face legal prosecution from the Department of Commerce.
An early application of anti-trust law, to force the breakup of one firm's vertically integrated control over every aspect of the production, processing, and distribution of an essential product, occurred in the
A. AT&T Case. B. Microsoft case. C. Napster case. D. Standard Oil case.