Which of the following was not a component of the National Recovery Act (NIRA)?
a. Set minimum prices for goods.
b. Set minimum wages.
c. Set a minimum number of hours of work.
d. Institute codes of fair practice for various industries.
c. Set a minimum number of hours of work.
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Refer to the table above. The capital and financial account balance is
A) $190 billion. B) $200 billion. C) -$190 billion. D) -$200 billion. E) $1,900 billion.
Generally speaking, resources are used more wastefully and carelessly when
A) users obtain the resources through the market process. B) users do not have to pay the opportunity cost for using resources. C) users use resources to only advance the projects they are interested in. D) users privately own resources.
If a good has an elastic demand, then:
A. a small percentage change in price will cause a larger percentage change in quantity demanded. B. a small percentage change in price will cause virtually no change in quantity demanded. C. a large percentage change in price will cause a smaller change in quantity demanded. D. any percentage change in price will cause an almost immediate response in quantity demanded.
___________ than would be the case if all firms had identical products and prices.
a. flatter b. steeper c. farther to the right d. less elastic