An example of a monopoly based on control of a key resource is
A) Microsoft's Windows operating system. B) Major League Baseball.
C) NASA. D) the U.S. Food and Drug Administration.
B
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From the equation of exchange, if both real income (Y) and the quantity of money (M) double and the price level (P) remains constant, then velocity (V) ________ and nominal income ________
A) remains constant; doubles B) doubles; remains constant C) doubles; doubles D) decreases by 50 percent; quadruples E) none of the above
The increase in world oil prices in 1990 initially
a. caused the AS curve to shift upward as wage rates quickly adjusted b. increased the level of GDP associated with high price levels c. shifted the aggregate expenditure line upward d. caused the AS curve to shift upward due to higher costs per unit of output e. caused the AD curve to shift leftward due to an increasing interest rate
The main reason that the 1975, 2008, and 2009 tax cuts did not have a large effect on GDP is that they were
a. temporary surcharges rather than permanent surcharges. b. permanent surcharges rather than temporary surcharges. c. temporary tax cuts rather than a permanent tax cuts. d. permanent tax cuts rather than a temporary tax cuts.
International trade under these conditions
Suppose Canada can produce either 120 units of goods, 80 units of services, or any linear combination thereof. Mexico can produce 90 units of goods, 50 units of services, or any linear combination thereof. a) cannot benefit either country b) can only benefit Mexico c) can only benefit Canada d) can benefit both countries if Canada exports goods and imports services e) can benefit both countries if Canada exports services and imports goods