The classical economists believed there was no role for government to play in restoring full employment
a. True
b. False
Indicate whether the statement is true or false
True
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By the time Paul Volcker took office as the new Federal Reserve chairman in 1979, the inflation rate exceeded 10%. By the end of 1986 the inflation rate had been brought down to 1.9%. Which of the following is true about the Volcker Disinflation?
A) lower inflation resulted from a tightening of monetary policy B) by raising the federal funds rate to over 20%, the Federal Reserve stimulated the economy resulting in lower levels of both inflation and the unemployment rate by the early 1980s C) the unemployment rate was brought down by 1982 but it took longer to reach lower inflation rates D) all of the above E) none of the above
What is always TRUE about the short-run equilibrium position for a firm in perfect competition?
A. MR = MC = P = ATC = AR B. TR = TC C. MC = ATC D. MR = MC = P = AR
Which of the following refers to the increase in the usefulness of a product as the number of consumers who use it increases?
A) positive externalities B) network externalities C) external marginal utility D) the impact of celebrity endorsements
Refer to the information provided in Figure 13.5 below to answer the question that follows. 
Figure 13.5 Refer to Figure 13.5. The Silver Exchange has a monopoly over the sale of solid silver walking sticks. This company is
A. earning an economic profit. B. breaking even. C. suffering an economic loss and not covering its variable costs. D. suffering an economic loss but covering its variable costs.