Which of the following defines monopolization?
A) the Securities and Exchange Commission
B) the Federal Reserve
C) U.S. Supreme Court
D) Federal Trade Commission Act
Answer: C
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Explain why input demand curves slope downward using the concepts of the factor substitution effect and the output effect
What will be an ideal response?
Uber uses what is known as surge pricing to set prices based on the number of people who request rides at a given time in a given area. Based on this pricing method, prices will
A) fall when supply decreases. B) rise when demand decreases. C) rise when supply increases. D) rise when demand increases.
Currently, total government expenditures in the United States:
a. are close to 40 percent of GDP. b. fell by half, to 10 percent of GDP. c. nearly doubled to about 60 percent of GDP. d. nearly tripled to about 60 percent of GDP.
Suppose the economy is experiencing frictional unemployment of 1 percent, structural unemployment of 3 percent and cyclical unemployment of 4 percent. What is the natural unemployment rate?
A) 5 percent B) 3 percent C) 8 percent D) 7 percent E) 4 percent