An example of fiscal policy is
A) a reduction in government spending.
B) an increase in autonomous spending by consumers.
C) a reduction in investment spending by the private sector.
D) an increase in Social Security spending by the elderly.
A
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In the long run, monopolistically competitive firms can make an economic profit because of product differentiation
Indicate whether the statement is true or false
The processes a firm uses to turn inputs into outputs of goods and services are the firm's
A) production function. B) technology. C) total factor productivity. D) manufacturing ideology.
The United States began to pull out of a recession in the spring of 1991. Unemployment fell, but inflation did not increase. What was the most likely cause of this?
A. Aggregate demand was increasing at a faster rate than aggregate supply. B. Both aggregate demand and aggregate supply were decreasing. C. Aggregate supply was increasing at a faster rate than aggregate demand. D. Aggregate demand was increasing but aggregate supply was decreasing.
Refer to the graph below. All data are for the short run. The firm represented in this diagram is selling under conditions of:
A. Pure monopoly
B. Pure competition
C. Monopolistic competition
D. Oligopoly