In the U.S., the most recognized entrepreneurs during industrialization were
(a) clearly monopolists.
(b) robber barons, who solely realized the concentrated wealth accumulated nation-wide.
(c) individuals whose market power clearly originated from within the government.
(d) key individuals who were famous or wealthy.
(d)
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Using the information in Situation 20-1, the equilibrium level of aggregate output is
A) $900 B) $8,000 C) $9,000 D) $10,000
Some popular reality television programs follow people who buy the contents of abandoned storage lockers at public auctions. In most cases, several storeage lockers are sold in sequence during a particular auction
Occassionally, one of the buyers will purposefully bid much more than the expected value of a particular storage locker in order to intimidate the other bidders. What is a plausible explanation for these excessive bids? A) The buyer is trying to establish a reputation that may affect the outcome of later auctions. B) The excessive bids may be rational if they occur during the last auction of the day. C) The bidder is trying to establish a first-mover advantage, but only if they occur during the first auction of the day. D) The excessive bids represent a form of tacit collusion among the buyers.
Which of the following will not shift the aggregate demand curve to the right?
a. Consumers becoming more optimistic about the future. b. An increase in government spending. c. Business optimism increases. d. Consumers become pessimistic about the future.
Refer to the information. Given an increase in input price from $4 to $6, we would expect the aggregate:
Suppose that real domestic output in an economy is 20 units, the quantity of inputs is 10, and the price of each input is $4. Answer the following question on the basis of this information. A. supply curve to shift to the left. B. supply curve to shift to the right. C. demand curve to shift to the left. D. supply and demand curves to both remain unchanged.