When firms compete with each other rather than cooperate:
A. consumers will end up better off.
B. the firms will end up better off.
C. prices will be higher.
D. output will be lower.
Answer: A
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The economy pictured in the figure below has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; B B. recessionary; C C. recessionary; A D. expansionary; A
The coefficient of the price elasticity of demand is always negative
a. True b. False Indicate whether the statement is true or false
In comparing unemployment rates among modern industrial nations
A. American unemployment is higher than most European nations. B. Europe's generous unemployment benefits compared to such benefits in the U.S. and Japan help explain its relatively higher unemployment rates. C. Several European nations have roughly equal unemployment rates as in the U.S., despite unemployment benefits that should discourage work participation. D. None of the choices are correct.
In the United States, the idea that the federal government should undertake actions to stabilize business activity
A) was established in the Declaration of Independence. B) is a relatively new idea that developed in the years during and after the Great Depression. C) has been around since the early 1700s. D) developed during World War I.