Government policymakers would like to have high ________ and low ________.
A. output growth; unemployment and inflation
B. output growth and inflation; unemployment
C. inflation; unemployment and output growth
D. unemployment and output growth; inflation
Answer: A
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Rachel, a large pineapple producer in Hawaii, lobbies Congress to limit imports of pineapples in order to be able to sell her pineapples at a higher price and greatly increase her income. This possible source of income inequality is due to
A) globalization. B) technology changes. C) productivity differences. D) rent seeking.
"Mere size is no offense" is an antitrust ruling based on the rule of reason
a. True b. False Indicate whether the statement is true or false
Suppose Acme and Mega produce and sell identical products and face zero marginal and average cost. Below is the market demand curve for their product.
Suppose Acme and Mega decide to collude and work together as a monopolist with each firm producing half the quantity demanded by the market at the monopoly price. If Mega cheats on the agreement by reducing its price to $1 and Acme matches the price cut, then if consumers are evenly split between the two firms, Acme's economic profit will be ________.
A. $75 B. $150 C. $200 D. $100
The figure below shows the free-trade production and consumption in Country Y. AB is the production-possibility curve of Country Y. I1 is the community indifference curve of Country Y. Country Y imports
A. forty gallons of wine. B. fifty gallons of wine. C. seventy pounds of cheese. D. twenty pounds of cheese.