The 1969 IBM case ended when
A. IBM won an injunction against Apple's production of PCs.
B. the U.S. Justice Department dropped the case in 1982.
C. mainframe computers gradually replaced PCs in economic importance.
D. Apple and Microsoft dropped their complaints against IBM.
Answer: B
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Whenever the elasticity value for a demand curve is greater than zero, then the demand is labeled as “elastic.”
Answer the following statement true (T) or false (F)
In a macroeconomic model designed to explain why some countries grow faster than others, which of these variables is likely to be endogenous?
A) investment B) economic policies C) geographic size D) population E) none of the above
In the IS-LM model, the implicit assumption made about aggregate supply was that the
a. aggregate supply schedule was vertical because prices were flexible. b. aggregate supply schedule was horizontal because prices were fixed. c. aggregate supply schedule was upward sloping to the right because wages and prices were fixed. d. supply of output was fixed. e. none of the above.
The dollar shortage in international exchange markets in the early 1950's was related to
a. an outflow of gold from the United States. b. large surpluses in the U.S. balance of trade. c. large deficits in the U.S. balance of trade. d. both an outflow of gold from the United States and large surpluses in the U.S. balance of trade.