Real GDP per person averaged $150 a year (in 2009 dollars) from 1,000,000 BC until 1620. During this time there was a period when it rose to ________ around ________ because ________
A) $190; 500 BC; of the gains from human capital while Aristotle and Plato were teaching in Athens
B) $210; 1620; the Pilgrim Fathers began to arrive in the Americas
C) a 1-million year high; the 1340s; the Black Death gripped Europe
D) $140; 400 BC; the Roman Empire collapsed
E) $210; 1492; Columbus sailed to the Americas
A
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A regulatory agency concerned with "universal service" must
a. prevent high profits in all markets. b. prevent entry in high-profit markets. c. prevent cross-subsidization. d. guarantee marginal cost pricing.
In monopolistic competition there is an under-allocation of resources at the profit-maximizing level of output, which means that
A. price is greater than minimum ATC. B. price is greater than MR. C. price is greater than MC. D. ATC is not equal to MC.
Monetary policy is
a. the policy concerning changes in the money supply that is pursued to achieve particular macroeconomic goals. b. the expenditures and taxation policy that the government pursues to achieve particular macroeconomic goals. c. the investment policy that businesses pursue to achieve particular macroeconomic goals. d. the spending and saving policy that consumers pursue to achieve particular macroeconomic goals. e. the spending policy that the Treasury pursues to achieve particular macroeconomic goals.