Markets exist:
A. so people can buy and sell things.
B. because people are self-sufficient.
C. because each person specializes in the production of many products.
D. as an arrangement where buyers do not interact with sellers.
Answer: A
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The recessions associated with the business cycle come at regular intervals
a. True b. False Indicate whether the statement is true or false
Exhibit 7-13 Price and cost per unit curves
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In Exhibit 7-13, if the price is P3, the firm will
A. produce Q3 and earn an economic profit. B. produce Q3 and incur a loss in the short run. C. produce Q3 and earn zero economic profit. D. decide not to produce any output to minimize the loss.
All of the following have been proposed as reasons for an unusually high level of uncertainty following the financial crisis of 2007-2009 EXCEPT:
A) the severity of the financial crisis B) concerns of small businesses regarding how the Affordable Care Act would affect the cost of hiring workers C) concerns by households and firms regarding potential tax increases and spending cuts scheduled to take place in January 2013 D) the Fed indicating that it would withdraw stimulus as soon as there was any evidence of economic recovery
To date, the longest prison sentence for violating the Sherman Act has been ________ years.
A) ten B) eight C) two D) five