For the period 1947-2012, the behavior of the U.S. money supply is best characterized as
A) nearly constant over time.
B) somewhat smoother than GDP.
C) somewhat more volatile than GDP.
D) extremely volatile and unstable.
B
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According to the textbook application, California’s urban smog problem
a. diminished because of the responsiveness of U.S. automobile manufacturers b. was never addressed by state legislation c. was linked through scientific study to auto emissions in the 1950s d. all of the above
If marginal cost is constant, what happens to a market if it alters from perfect competition to monopoly without any change in the position of the market demand curve or any variation in costs?
A) Consumer surplus increases, and the previously existing deadweight loss decreases. B) Consumer surplus increases, and the previously existing deadweight loss increases. C) Consumer surplus is eliminated, and an equal-sized deadweight loss is created. D) Consumer surplus decreases in size, and a deadweight loss is created.
Under private enterprise, production is guided by _____________________________.
Fill in the blank(s) with the appropriate word(s).
This table shows the price-level adjustment as compared to the United States.CountryPrice-Level AdjustmentAustralia-0.50China0.25Mexico0.34United States0.00The information in the table shown:
A. has been indexed to the United States. B. shows that the typical good in Australia is more expensive than it is in the United States. C. allows us to compare the standard of living in one country to another. D. All of these statements are true.