Fill in the blank: Firms under perfect competition would enjoy ________ market power
A) absolutely no
B) some
C) much
D) total
A
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In the above figure, the economy is initially at point B. If the Fed decreases the quantity of money, there is
A) a movement to point C. B) a movement to point A. C) a shift to AD2. D) a shift to AD1.
If trade causes some workers to be laid off, most economists conclude:
a. that all other workers will be better off because their wages will rise. b. that we should not allow imports to take U.S. jobs. c. that we should expect wages to fall. d. that none of these answers is true.
A country can achieve some combination of goods outside its production possibilities curve by:
A. idling some of its resources. B. specializing and engaging in international trade. C. buying the debt (bonds and stocks) of foreign nations. D. producing more capital goods and fewer consumer goods.
Assume Congress decides that Social Security taxes must increase in order to fund the system. This would
A) shift up the marginal cost curve for any firms that hire labor. B) guarantee a decrease in profits. C) shift up the average fixed cost curve for any firms that hire labor. D) guarantee an increase in tax revenues.