For the period 1947-2012, employment in the United States was
A) procyclical and leading.
B) procyclical and lagging.
C) countercyclical and leading.
D) countercyclical and lagging.
B
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In an oligopoly market
A) individual firms pay no attention to the behavior of other firms. B) one firm's pricing decision affects all the other firms. C) the pricing decisions of all other firms have no effect on an individual firm. D) advertising of one firm has no effect on all other firms.
A technological improvement in the production of good X causes the:
a. demand curve for X to shift to the right. b. demand curve for X to shift to the left. c. supply curve for X to shift to the right. d. supply curve for X to shift to the left.
We call an economy that is self-contained and does not engage in any trade with outsiders a(n):
A. monarchy. B. oligarchy. C. oligopoly. D. autarky.
For a pure monopolist, marginal revenue is less than price because:
A. the monopolist's demand curve is perfectly elastic. B. the monopolist's demand curve is perfectly inelastic. C. when a monopolist lowers price to sell more output, the lower price applies to all units sold. D. the monopolist's total revenue curve is linear and slopes upward to the right.