Policies designed to protect workers:
A. include minimum wage laws.
B. include unionization laws.
C. can lead to unemployment.
D. All of these are true.
D. All of these are true.
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Standard graphical analysis shows that monopoly creates a deadweight loss.
(i) How and why must this welfare analysis be modified when the firm is a natural monopoly? (ii) How and why must this welfare analysis be modified when the firm's market power is acquired from a legal barrier to entry?
The price of one currency in terms of another is referred to as the:
a. exchange rate. b. purchasing power. c. comparative price. d. real price.
When we calculate GDP, government spending on goods and services makes up approximately
A. One-fifth of total output. B. One-tenth of total output. C. One-half of total output. D. One-third of total output.
In the United States, the idea that the federal government should undertake actions to stabilize business activity
A) was established in the Declaration of Independence. B) is a relatively new idea that developed in the years during and after the Great Depression. C) has been around since the early 1700s. D) developed during World War I.