When General Dwight D. Eisenhower ran for the presidency for the first time, he said he would
A. end the recession and end inflation.
B. end the recession and end the Korean War.
C. end inflation and end the Korean War.
D. end the recession, the Korean War, and inflation.
C. end inflation and end the Korean War.
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By keeping new firms from entering the market, oligopolies are more likely to have
a. long-run economic profit b. low prices c. great efficiency d. decreasing marginal costs e. economies of scale
When actual GDP does not rise as fast as potential GDP, the economy most likely will experience
a. inflation. b. recession. c. economic growth. d. falling unemployment.
When economists use the term ceteris paribus, they are indicating that
a. the relationship between two economic variables cannot be determined. b. the analysis is true for the individual but not for the economy as a whole. c. all other variables except the ones specified are assumed to be constant. d. their conclusions are based on normative economics rather than positive economic analysis.
The free entry and exit of firms in a competitive price-searcher market guarantees that
a. both economic profits and economic losses can persist in the long run. b. both economic profits and economic losses disappear in the long run. c. economic profits, but not economic losses, can persist in the long run. d. economic losses, but not economic profits, can persist in the long run.