Economists refer to a monopoly that results from very high fixed costs as
A. a necessary monopoly.
B. a simple monopoly.
C. a natural monopoly.
D. an unnatural monopoly.
Answer: C
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In the long run, monetary and fiscal policies have no control over
A) the unemployment rate B) nominal GDP. C) the inflation rate. D) the interest rate
Problems with interpreting the unemployment rate as a measure of labor market tightness include
A) those not in the labor force. B) dissatisfied workers. C) marginally attached workers. D) biases in the CPI.
A reduction in consumption spending due to the lay-off of 2,000 defense-industry workers?will ultimately have a larger overall impact on real GDP due to the multiplier effect
Indicate whether the statement is true or false
Because capitalism is practiced in the United States, misleading advertising is permitted.
a. true b. false