Government spending as a percent of national income
A) peaked during the Reagan administration.
B) peaked during World War II.
C) has been steadily climbing since 1850.
D) has been almost constant this century.
B
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An economics professor, upset about the rising cost of textbooks, proposed that his department purchase 50 copies of a statistics book so the students in the statistics class would not have to purchase their own books but rather could borrow a book for the semester and then return it for the next class to use. Which of the following strategies would not prevent a common resource problem with the
textbooks? a. Students will be required to pay a deposit for the textbook, which is refundable at the end of the semester when the book is returned in good condition. b. The textbooks are placed in a common area of the department so students can borrow and return them as needed. c. Students must sign a form agreeing to return the book or pay a fine equal to the replacement cost of the book. d. The textbooks are placed in the professor's office and will only be given to students who are registered members of the class. These students will not receive their final course grades until the books are returned.
A radio manufacturer is experiencing theft problems at its warehouse and has decided to hire security guards to reduce the thefts. The firm wants to minimize the net cost of warehouse thefts. 
Given the above info, if each security guard is paid $200 a week and the cost of a stolen radio is $50, how many security guards should the firm hire?
A. 1 B. 2 C. 3 D. 4 E. 5
The less elastic a monopolistic competitor's long-run demand curve, the:
A. less its excess capacity. B. higher its price relative to that of a pure competitor having the same cost curves. C. higher its long-run profits. D. lower its average total cost at its equilibrium level of output.
Under a gold standard, a discovery of gold will
A. decrease the general price level. B. increase the general price level. C. cause increased unemployment. D. cause decreased rates of economic growth.