The process of bargaining for a large group of workers at one time rather than individually is known as ________
A) collective bargaining
B) autarky
C) tertiary negotiations
D) ornamental horticulture
A
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Which of the following will result in the most deadweight loss?
A) a natural monopoly regulated with marginal cost pricing B) an unregulated natural monopoly C) a natural monopoly regulated with average cost pricing D) All of the above result in the same deadweight loss.
Which of the following statements is TRUE?
A) No economic model captures every detail that affects a problem. B) Economic models always make accurate predictions about behaviors. C) Economic models must fully reflect reality. D) Economic models use economists' opinions with no use of data.
Which theory of the business cycle emphasizes initiating changes in aggregate supply?
A) the Friedman "fooling" theory B) the real business cycle theory C) the Keynesian theory D) the new classical theory
Economic theory predicted that the price of a depletable resource would rise by 10 percent. In reality, the price fell by 5 percent. Which of the following events could explain this discrepancy?
A. Known reserves of the resource were depleted. B. The interest rate rose by 15 percent. C. Antitrust enforcement broke up a cartel among major suppliers of the resource. D. The government imposed an effective price floor.