According to this Application, when the states got into fiscal difficulties in the 1840s through overly ambitious infrastructure projects, the federal government
A) again bailed out all the states.
B) did not bail out any of the states.
C) bailed out only the northern states, but not the southern states.
D) only bailed out the states which comprised the original 13 colonies.
B
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Which of the following guides sensible decisions regarding the management of business risk in a market system?
A. The profit and loss system B. The "invisible hand" C. Taxes and subsidies D. Consumer sovereignty
Competitive firms are able to set price above marginal cost when
A) the markup is less than the cost of going to another store. B) the markup is greater than the cost of going to another store. C) all consumers have full information. D) consumers know what other stores are charging.
When actual inflation is greater than expected inflation,
A. there are transfers from lenders to borrowers. B. cyclical unemployment rises, according to Phillips-curve analysis. C. there are transfers from borrowers to lenders. D. the natural rate of unemployment rises, according to Phillips-curve analysis.
If the income effect is ________ the substitution effect, the labor supply curve is vertical.
A. equal to B. greater than C. unrelated to D. smaller than