Recall the Application about the factors involved in causing recessions, and the causes of recessions in the United States from 1893 to 1990 to answer the following question(s).According to this Application, the recession in 1981 was caused by:
A. increasing oil prices which resulted in a decrease in aggregate supply.
B. the government cutting back on aggregate demand to reduce inflation.
C. a decrease in aggregate supply resulting from U.S. bank collapses.
D. massive immigration from Europe to the United States.
Answer: B
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What will be an ideal response?
A profit-maximizing monopolist
a. never produces on the inelastic portion of the demand curve because it can increase profit by increasing output b. never produces on the inelastic portion of the demand curve because marginal revenue exceeds marginal cost c. always produces on the inelastic portion of the demand curve d. never produces on the elastic portion of the demand curve because there are no substitutes for the good it produces e. never produces on the inelastic portion of the demand curve because marginal revenue is negative there
According to the law of demand, if
a. price increases, quantity demanded decreases b. people's income increases, quantity demanded increases c. price increases, quantity demanded increases d. people's income increases, quantity demanded decreases e. demand increases, supply will increase
Henry Leland
A. was the first automobile producer to use the movable assembly line. B. was the first automobile producer to manufacture a standardized engine with interchangeable parts. C. sold millions of cars at a small unit of profit that allowed his company to dominate the industry. D. all of the choices are true.