A ________ is known as a combination or cartel consisting of firms that place their assets in the custody of the board of trustees.
Fill in the blank(s) with the appropriate word(s)
Answer: Trust
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If a competitive firm cannot earn profit at any level of output during a given short-run period, then which of the following is LEAST likely to occur?
A) It will shut down in the short run and wait until the price increases sufficiently. B) It will exit the industry in the long run. C) It will operate at a loss in the short run. D) It will minimize its loss by decreasing output so that price exceeds marginal cost.
The AD-AS model implies that, in the long run,
a. the economy adjusts very quickly to demand shocks b. changes in government spending have no effect on GDP c. the price level never changes d. a mixture of fiscal and monetary policy is necessary to achieve full employment e. the Fed controls output
Unemployment hit the _____________ age group the hardest in the 2007 - 2008 recession not only in the United States but other countries of the world.
A. under 25 B. 25 to 45 C. 46 to 56 D. 57 to 65
When the government sets a price floor which is above the equilibrium price
A) a surplus will develop. B) a shortage will develop. C) the equilibrium price will be maintained. D) a price ceiling will follow.