Which of the following cases was most important in arguing that the "public good" was best served by competition?
(a) Marbury v. Madison (1803)
(b) McCulloch v. Maryland (1819)
(c) Gibbons v. Ogden (1824)
(d) Charles River Bridge v. Warren Bridge (1837)
(d)
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Which one of the following transactions in a particular year is included in gross domestic product for that year?
A) Social Security payments to retirees B) The government pays a computer services company that assisted in the delivery of Social Security payments to retirees. C) A car is produced in the previous year and remains in inventory for the entire year under consideration. D) A stay-at-home parent performs housework that the family would otherwise have paid a maid $20,000 a year to perform.
Which of the following countries had the highest percentage of young adults with a college degree in 2012?
a. Norway b. Canada c. Japan d. France e. Italy
Figure 14-5
In , AD1 and SRAS1 indicate an economy initially operating at full-employment output level, Y1. The long-run impact of the Fed unexpectedly shifting to a more restrictive monetary policy will be
a.
a decrease in aggregate demand to AD2 and a decrease in real output to Y2.
b.
a decrease in the full-employment level of output to Y2.
c.
a decrease in aggregate demand to AD2 and an increase in short-run aggregate supply to SRAS2, causing the price level to fall to P3 and real output to remain unchanged at Y1.
d.
no change; AD and SRAS will stay at AD1 and SRAS1.
The analysis used for oligopolistic firms is similar to that used for monopolies in all of the following ways except
A. price is higher than the minimum of the ATC curve. B. output is to the left of the minimum of the ATC curve. C. the action of rival firms must continually be taken into account. D. both types of firms have a higher price and a lower output than a perfect competitor.