In the struggle to control the power of big business which emerged between the Civil War and World War I, the nation
(a) relied heavily on the principles of government expounded by the Founding Fathers such as Thomas Jefferson.
(b) slowly changed into the modern regulated economy.
(c) decided ultimately that big business was here to stay and should be allowed to operate without government interference.
(d) began a policy of government ownership of business in important sectors of the economy.
(b)
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The quantity of labor supplied increases as the real wage rises because
A) higher real wages mean that nominal wages have increased. B) the opportunity cost of working increases. C) the quantity of labor demanded increases. D) labor force participation decreases so that only serious workers are left in the labor force. E) the opportunity cost of leisure rises.
"A perfectly competitive firm will shut down if the price falls below its average total cost." Do you agree? Explain
What will be an ideal response?
Both the classical and monetarist models assume all of the following except
a. perfectly flexible prices. b. perfectly flexible wages. c. perfect information. d. vertical aggregate supply curve in the long-run.
Was the U.S. government able to control the world petroleum prices? Support your choice with suitable reasons