Under the VER of the 1980s, U.S. automakers:
a. continued their downward slide.
b. could not recover because they were also faced with other issues, such as labor unrest, increased oil and steel prices, and higher taxes.
c. were able to raise prices and improve quality to get even higher prices.
d. were able, with the quota, to ignore world market conditions.
Ans: c. were able to raise prices and improve quality to get even higher prices.
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If the MPC = 0.80, the government purchases multiplier is
A) 2. B) 4. C) 5. D) 8.
No clearly defined socially preferred outcome may result when majority voting on outcomes because
A) often voters don't understand the outcomes. B) voting may violate the independence of irrelevant alternatives. C) voting may lead to incomplete preferences. D) voting may lead to non-transitive preference.
In a court decision in June 2001, the Federal District Count of Appeals in Washington, D.C. found that Microsoft had violated the
A) Clayton Act. B) Robinson-Patman Act. C) Sherman Act. D) Celler-Kefauver Act.
GDP is: a. the total value of all consumer expenditures within a given period
b. national income after taxes. c. the total value of all final goods and services plus intermediate goods and services produced domestically within a given period. d. the value of all final goods and services produced domestically within a given period.