What situation results when an economy is producing at less than its capacity?
a. unemployment
b. price controls
c. specialization
d. economic growth
a. unemployment
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Which of the following is the most important of the over-the-counter markets?
A) the S&P 500 B) the Chicago Mercantile Exchange C) New York Stock Exchange D) the NASDAQ
Which of the following is an example of price discrimination?
a. Nabisco provides cents-off coupons for its products. b. Amtrak offers a lower price for weekend travel compared to weekday rates on the same routes. c. Hotel rates for AAA members are lower than for nonmembers. d. All of the above are correct.
The standard of living in a nation depends on
A. how well the economy functions within that country. B. whether or not its currency is adopted as the world's monetary standard. C. how well its economy functions relative to other countries. D. the size of the country, with larger nations always doing better than smaller ones.
In the Cournot model, when a new firm begins production it assumes its demand curve is
A. one-half of the competing firm's demand curve. B. the market demand less the amount the other firm is selling. C. the market demand plus the amount the other firm is selling. D. the same as the competing firm's demand curve.