Which factor contributed to the demise of stagflation during the 1982-1989 period?
A. A lessening of foreign competition
B. The decline of the monopoly power of OPEC
C. An increase in the per-unit cost of production
D. An increase in regulation of airline and trucking industries
B. The decline of the monopoly power of OPEC
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During the 1992 presidential campaign, H. Ross Perot made much of the various “special interests” which lobby in Washington, D.C. How might an economist view this? Which specific market breakdown may occur if there is lobbying? Relate your answer to the study of monopoly and oligopoly.
What will be an ideal response?
Refer to Figure 4.6, which shows David's and Celeste's individual supply curves for flower arrangements per week. Assuming David and Celeste are the only producers in the market, what is the market quantity supplied at a price of $20?
A. 0 B. 100 C. 150 D. 200
The burden of a proportional tax ________ as a percentage of income as income ________.
A. rises; falls B. does not change; rises or falls C. rises; rises D. falls; falls
Net investment
A) equals gross investment plus depreciation. B) is the only measure of investment used to calculate GDP. C) equals gross investment minus depreciation. D) is equivalent to the existing capital stock in the economy.