A good example of central planning at work in the U.S. is:
A. unions working with businesses to establish wages.
B. car manufacturers establishing suggested retail prices.
C. McDonald's fries being the same everywhere.
D. New York City's rent control program.
Answer: D
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Normally, when a governmental price control affects the price, it can be expected to result in a
A. reduction in the number of units purchased only when the price is forced down. B. reduction in the number of units purchased when the price is forced down and an increase number of units purchased when the price is forced up. C. decrease in the number of units purchased when the price is forced up or down. D. increase in the number of units purchased when the price is forced up or down.
Consumption spending is $5 million, planned investment spending is $8 million, actual investment spending is $8 million, government purchases are $10 million, and net export spending is $2 million
Based on this information, which of the following is true? A) Aggregate expenditure is greater than GDP. B) Aggregate expenditure is equal to GDP. C) There was an unplanned change in inventories. D) Aggregate expenditure is less than GDP.
Options traded on exchanges are known as:
A) listed options B) exchange traded options C) call options D) put options
Answer the following statements true (T) or false (F)
1) In a Cournot oligopoly, the total profit is less when two firms compete compared to the cartel profits. 2) The more firms in a Cournot oligopoly, the greater the profits for each firm. 3) As the number of firms in a Cournot oligopoly increases, the equilibrium quantity gets closer and closer to the monopoly quantity. 4) In a Cournot oligopoly, if a firm's marginal cost is not constant, its best-response curve will not be linear. 5) In a Stackelberg oligopoly, the follower second firm determines its production from its Cournot best-response function.