Figure 11-7
The firm in Figure 11-7 is an unregulated monopolist; it will earn long-run profits of how much?
A. 500
B. 400
C. 300
D. 200
Answer: C
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A condition in a market where there is no upward or downward pressure on price is called
A) a shortage. B) a surplus. C) market equilibrium. D) All of the above are possible correct answers.
How would each of the following events affect Cheryl Shirker's supply of labor?
(a) Cheryl's firm announces a reorganization plan, in which she will get a big promotion and raise in six months. (b) Cheryl's speculative investment in plutonium futures pays off big, netting her a profit of $300 thousand. (c) Cheryl's father, who had planned to leave her a large bequest, must spend all his wealth on medical bills after a prolonged illness.
During the 2007-2009 financial crisis, the Federal Reserve took some unusual steps in its conduct of monetary policy. Which of the following was not one of them? a. It invested in AIG
b. It invested more than $1 trillion in mortgage-backed securities. c. It worked with the U.S. Treasury and with other regulators to stabilize banks and thaw frozen credit lines. d. It worked with the U.S. Treasury and other regulators to help conduct a stress test of the 19 largest banks. e. It bailed out General Motors.
Recovery in the United States after the Great Recession can be characterized as:
a. Rapid, as U.S. unemployment fell and employment rose. b. Slow to develop, as unemployment fell and employment rose at very sluggish paces. c. Non-existent. After three years, the U.S. economy was in the same position as 2008. d. Mixed, as real GDP grew rapidly, but the unemployment rate and employment rate lagged behind.