In the history of the U.S. economy, which economic era saw both high unemployment and high inflation at the same time?
a. After the Great Depression to the early 1970s
b. Since the early 1980s
c. The colonial period
d. Before and during the Great Depression
e. From the early 1970s to the early 1980s
e
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Answer the following statement(s) true (T) or false (F)
1. For a given quantity, a monopoly's marginal revenue is always greater than the price associated with that quantity. 2. When regulating a natural monopoly one should set the regulatory price such that the monopoly will produce the efficient level of output. 3. Deadweight loss because of a monopoly can be attributed to the fact that monopolies produce at a quantity where the price of the good exceeds the marginal cost of producing the last unit. 4. When there are significant differences among customers, a monopolist will look for opportunities to price discriminate. 5. Distributing goods equally among consumers would be not only fair but efficient.
The study of individual choice and its implications for the behavior of prices and quantities in individual markets is:
A. macroeconomics. B. the Scarcity Principle. C. microeconomics. D. a normative economic principle.
The fast-food industry in the U.S. consists of many firms, but despite that it can still be viewed as an oligopoly because the top few firms control a significant share of the market
Indicate whether the statement is true or false
Which of the following perspectives exerted the most impact on fiscal policy during the Great Depression?
a. the Keynesian view b. the supply-side view c. the view that the federal government should maintain a balanced budget d. the new classical view that fiscal policy exerts little impact on demand and output