If oligopolists engaged in some sort of collusion, industry output would be __________ and the price would be __________ than under perfect competition
a. smaller, lower
b. smaller, higher
c. smaller, no different
d. greater, lower
e. greater, higher
B
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The labor force includes people who
i. are less than 16 years of age. ii. are in institutions. iii. are actively seeking a job but do not have a job. A) i, ii, and iii B) i only C) iii only D) i and ii E) i and iii
Contractionary fiscal policy is enacted when the overall effect of decisions about taxation and spending is to:
A. reduce aggregate demand. B. increase aggregate demand. C. reduce aggregate supply. D. increase aggregate supply.
The slope of the long-run Phillips curve is thought by many economists to be:
A. horizontal. B. downward sloping. C. vertical. D. backward bending.
Economic efficiency means
A. that all firms within a single competitive industry are producing at the same level of output. B. that high-tech methods of production are the most efficient. C. that it is impossible to increase the output of any good without lowering the total value of the output of the economy. D. the same as technical efficiency.