Because a monopolist is the sole producer in its market, it can necessarily alter the price of its good (i) without affecting the quantity sold. (ii) without affecting its average total cost. (iii) by adjusting the quantity it supplies to the market
a. (ii) only
b. (iii) only
c. (i) and (ii) only
d. (ii) and (iii) only
b
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If GDP grows at a rate of 3% per year, approximately how long will it take for GDP to double in size?
A) 12 years B) 21 years C) 23 years D) 35 years
Economists often examine GNP to estimate changes in the well being of people. If one only studied GNP, which of the following would lead one to underestimate the true increases in peoples' well being?
a. Increasing average hours of work. b. Decreasing life expectancy. c. Increasing levels of pollution. d. Increasing amounts of production in the home.
Economic theory suggests that the standard of living of American workers would rise if
a. technological change increased output per worker. b. the minimum wage were doubled. c. automation were outlawed. d. a larger proportion of the labor force was unionized.
What amount of money was appropriated by Congress for the Troubled Asset Relief Program?
A. $225 billion B. $252 billion C. $700 billion D. $787 billion