All of the following are associated with the War Industries Board except
a. the negotiation of the prices of key industrial products.
b. developing and implementing the bulk line pricing system to determine industrial prices that maximized output.
c. the unintended consequence of the "priorities inflation" of contracts.
d. establishing and enforcing minimum wages for manufacturing workers.
d. establishing and enforcing minimum wages for manufacturing workers.
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Fast food restaurants produce a range of menu items such as hamburgers, chicken sandwiches, salads, and french fries. What fundamental economic question are they addressing by offering this range of items?
A) Why produce a variety of menu items? B) What to produce? C) Who to produce the menu items for? D) How to produce goods that consumers want?
In the long run, equilibrium for a monopolist is when
A. the short-run and long-run average cost curves are at their lowest points. B. the short-run average cost curve is at its lowest point. C. the long-run average cost curve is at its lowest point. D. None of these is necessarily true.
The net balance of payments is
A. The difference between the current account balance and the capital account balance. B. The difference between exports and imports. C. The sum of the current account balance and the trade account balance. D. The sum of the current account balance and the capital account balance.
Consumers gain from trade within a monopolistically competitive industry because:
a. prices fall and product varieties decrease. b. prices rise and product varieties increase. c. prices rise and product varieties decrease. d. prices fall and product varieties increase.