To protect the competitive economic system by restricting the formation of monopolies, the government has passed and enforced
A) rationing systems.
B) antitrust laws.
C) the imposition of taxes on certain goods.
D) zoning laws.
Answer: B
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The long-run Phillips curve is a
A) straight line with a 45 degree slope showing the long-run relationship between the inflation rate and the expected inflation rate. B) vertical line that shows the relationship between inflation and unemployment when the economy is at full employment. C) vertical line indicating a positive relationship between inflation and unemployment. D) horizontal line indicating a positive relationship between inflation and unemployment. E) horizontal line that shows the relationship between inflation and unemployment when the economy is at full employment.
If the interest rate is 10 percent, the present value of $400 to be received one year from today is about
A) $440. B) $390. C) $364. D) $377.
A progressive tax
a. is one that taxes those with higher incomes at a higher rate than those with lower incomes. b. takes a similar percentage in the form of taxes from those with higher incomes as it does from those with lower incomes. c. takes a higher percentage of income in the form of taxes from those with lower incomes than from those with higher incomes. d. is any tax in which the dollar amount of taxes paid increases with income.
Exhibit 5-5 Demand curve for computers
?
In Exhibit 5-5, the change in total revenue resulting from a change in price from A to D indicates that the demand curve is:
A. elastic. B. inelastic. C. unitary elastic. D. nonelastic.