During the Prohibition period (when the production and sale of alcohol was illegal),
a. the quality of alcohol sold became less reliable.
b. the murder rate increased.
c. gangsters dominated the alcohol trade.
d. all of the above occurred.
d. all of the above occurred.
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Factors causing an increase in currency holdings include
A) an increase in the interest rates paid on checkable deposits. B) an increase in the cost of acquiring currency. C) a decrease in bank panics. D) an increase in illegal activity.
Exhibit 15-2 Aggregate demand and supply model
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Suppose the economy in Exhibit 15-2 is in equilibrium at point E1 and the marginal propensity to consume (MPC) is 0.75. Following Keynesian economics, the federal government can move the economy to full employment at point E2 by:
A. decreasing government tax revenue by approximately $33 billion. B. decreasing government tax revenue by $750 billion. C. increasing government tax revenue by $100 billion. D. increasing government tax revenue by approximately $33 billion.
The law of demand states that a lower price increases the amount of a commodity that people are willing to buy
a. True b. False Indicate whether the statement is true or false
What is true for monopoly that is not true for perfect competition?
a. The industry demand curve is downward sloping. b. Profit is maximized where MR = MC. c. The firm and the industry are exactly the same entity. d. Positive economic profits may be earned in the short run.