In the United States, government policies with respect to monopolies and collusion are embodied in
A) common law, which the United States adopted from English law.
B) the Supreme Court.
C) antitrust laws.
D) the U.S. Constitution.
C
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If credible low-money-growth policies were continually pursued by the Fed, nominal wages and prices would eventually fall as the economic agents would expect lower inflation rates over time
a. True b. False Indicate whether the statement is true or false
By polling people, we can calculate the demand for public goods and have the market provide them. But we don't. Instead, we allow the government to pay for and provide those goods because it
a. knows better than individuals what public goods are desirable b. avoids "special interests" interference in the market c. can avoid all negative and positive externalities d. can tax people to finance the production of public goods and thereby prevent freeriders e. can prevent market failure
What can you deduce about the type of good Patty’s Pizza is and about the relationship between Patty’s Pizza and Sue’s Subs?
Suppose that when the average college students income is $10,000 per year, the annual quantity demanded of Patty's Pizza is 50 and the annual quantity demanded of Sue's Subs is 80. Suppose that when the price of Patty's Pizza increases from $8 to $10 per pie, the quantity demanded of Sue's Subs increases from 80 to 100. Suppose also that when the average student's income increases to $12,000 per year, the annual quantity demanded of Patty's Pizza increases from 50 to 60 a) Patty's Pizza is a normal good and Patty's Pizza and Sue's Subs are substitutes b) Patty's Pizza is a normal good and Patty's Pizza and Sue's Subs are complements c) Patty's Pizza is an inferior good and Patty's Pizza and Sue's Subs are substitutes d) Patty's Pizza is an inferior good and Patty's Pizza and Sue's Subs are complements
To achieve long-run equilibrium in an economy with a recessionary gap, without the use of stabilization policy, the inflation rate must:
A. not change. B. increase. C. decrease. D. either increase or decrease depending on the relative shifts of AD and AS.