Economists at the Department of Justice
a. track the behavior of the nation's money supply.
b. advise Congress on economic matters.
c. help enforce the nation's antitrust laws.
d. prepare the federal budget.
c
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A monopoly
a. can ignore the law of demand b. faces a demand curve for its output that is nowhere price inelastic c. establishes the market price when it decides how much to charge d. can sell additional units of output without lowering its price e. is also a perfect price discriminator
Which of the following statements best describes government options during a recession?
a. During a recession, the government will want to implement contractionary fiscal policy, but may be unable to do so because such a policy would lead to a budget deficit. b. During a recession, the government will want to implement discretionary fiscal policy, but may be unable to do so because such a policy would lead to a budget surplus. c. During a recession, the government will want to implement contractionary fiscal policy, but may be unable to do so because such a policy would lead to a budget surplus. d. During a recession, the government will want to implement expansionary fiscal policy, but may be unable to do so because such a policy would lead to a budget deficit.
When a good is more broadly defined (for example, Starbucks Caramel Macchiato versus coffee),
a. it will have more available substitutes so demand will be more elastic. b. it will have more available substitutes so demand will be less elastic. c. it will have fewer available substitutes so demand will be more elastic. d. it will have fewer available substitutes so demand will be less elastic.
Taking explicit account of a rival's expected response to a decision you are making is called:
A. strategic decision making. B. competitive decision making. C. economic decision making. D. monopolistic decision making.