In 1820, the country with the highest per capita GDP was
A) Australia.
B) the United States.
C) Austria.
D) Germany.
E) the Netherlands.
E
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Refer to Figure 28-2. The nonaccelerating inflation rate of unemployment, or NAIRU, is associated with which point rate in the figure above?
A) A B) B C) C D) all of the above
The principal difference between economic profits for a monopolist and for a competitive firm is that:
a. monopoly profits create major problems of equity whereas competitive profits do not. b. competitive profits exist only in the short run whereas monopoly profits may exist in the long run as well. c. monopoly profits represent a transfer out of consumer surplus whereas competitive profits do not. d. monopoly profits are usually larger than competitive profits.
Which of the following observations would be consistent with the imposition of a binding price ceiling on a market? After the price ceiling becomes effective, a. a smaller quantity of the good is exchanged. b. a smaller quantity of the good is demanded. c. a larger quantity of the good is supplied
d. the price rises above the previous equilibrium.
In the early 1990s, European unemployment rose largely because of
A) reductions in stock prices. B) undervalued currencies. C) overvalued currencies. D) high inflation. E) none of the above