The antitrust laws are based on the:
A. creative destruction view of competition.
B. idea that competition leads to greater economic efficiency than does a monopoly.
C. view that nonprice competition should be strictly regulated by government.
D. view that all negative externalities should be eliminated by government action.
Answer: B
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Which of the following will NOT cause a leftward shift in the Long-Run Aggregate Supply curve?
A) a reduction in the amount of capital B) a reduction in government spending C) a reduction in the amount of oil D) a net outflow of human capital
Refer to the above figure. Suppose the original long-run equilibrium was at point B. What could have caused the move to the current equilibrium?
A) Aggregate demand must have decreased. B) Input prices must have increased, causing long-run aggregate supply to increase. C) Decreases in the price level caused short-run aggregate supply to fall. D) A temporary reduction in production due to bad weather.
If the aggregate price level ________, but nominal wages stay fixed, real wages ________
A) falls; fall B) rises; fall C) rises; remain fixed D) falls; remain fixed
A country's balance of payments shows a
A) detailed record of the import and export of services for the country. B) detailed record of the country's imports. C) summary record of international financial assistance received by the country. D) summary record of a country's economic transactions with foreign residents and governments over a year.