The existence of the “underground economy” causes measured GDP to overestimate actual output.
Answer the following statement true (T) or false (F)
False
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A constant-cost industry is distinguished by the fact that
a. firms' long-run average cost curves are horizontal b. firms' short-run marginal cost curves are horizontal c. firms' short-run average total costs are horizontal d. the short-run industry supply curve is perfectly elastic e. the long-run industry supply curve is perfectly elastic
The increased level of excess reserves that many banks held in 2008 made traditional monetary policy less effective
a. True b. False Indicate whether the statement is true or false
Refer to the figure below. Suppose the solid line represents the current supply of Star Wars action figures. If the price of the plastic used to make action figures rises, current supply will: 
A. not change; only the quantity supplied will change. B. shift to S(A). C. shift to S(B). D. not change because a change in the price of plastic will not affect the demand for action figures.
Which legislative act provided for the industrial regulation of the railroad industry by the Federal government?
A. Interstate Commerce Act B. Railway Labor Act C. Sherman Act D. Clayton Act