During the Great Depression:
A) By 1933, 25 percent of the nation's workers had lost their jobs.
B) output reached its lowest level in 1929.
C) the production possibilities curve shifted sharply inward, which explains the drop in output, jobs, and overall prosperity.
D) firms increased output but used fewer workers.
Ans: A) By 1933, 25 percent of the nation's workers had lost their jobs.
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Toys for Toddlers, Inc, sells in a perfectly competitive market, with an equilibrium price of $5 . Its marginal revenue: a. is greater than $5. b. is $5
c. is less than $5. d. is less than zero.
The Celler-Kefauver Act made it illegal to
a. provide selective discounts b. set prices below marginal cost c. conspire to collude d. buy a competitor's patents, plants, or equipment e. price discriminate
According to liquidity preference theory, if the quantity of money demanded is greater than the quantity supplied, then the interest rate will
a. increase and the quantity of money demanded will decrease. b. increase and the quantity of money demanded will increase. c. decrease and the quantity of money demanded will decrease. d. decrease and the quantity of money demanded will increase.
Suppose two power plants pollute a river and both firms operate under a system of marketable pollution permits. If it costs Firm A $90 to reduce pollution by 800 units per day, and Firm B can reduce costs by $115 by increasing pollution by 800 units per day:
A. the firms cannot gain by trading the right to pollute. B. both firms can benefit if Firm A trades the right to increase pollution by 800 units to Firm B for $70. C. both firms can benefit if Firm B trades the right to increase pollution by 800 units to Firm A for $120. D. both firms can benefit if Firm A trades the right to increase pollution by 800 units to Firm B for $100.