Models are used to describe cause-and-effect relationships
a. True
b. False
Indicate whether the statement is true or false
True
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As a result of the financial crisis of 2007-2009, Freddie Mac and Fannie Mae were brought under the direct control of the government
Indicate whether the statement is true or false
In long-run equilibrium, the typical perfectly competitive firm will:
a. earn zero economic profit. b. change plant size in the long run. c. change output in the short run. d. do any of these.
The supply curve for whiskey is the typical upward-sloping straight line, and the demand curve for whiskey is the typical downward-sloping straight line. When whiskey is taxed, the area on the relevant supply-and-demand graph that represents
a. government's tax revenue is a rectangle. b. the deadweight loss of the tax is a triangle. c. the loss of consumer surplus caused by the tax is neither a rectangle nor a triangle. d. All of the above are correct.
The problem of political instability has been greatest in which continent?
A. South America B. Europe C. Asia D. Africa