John Maynard Keynes created the aggregate expenditures model based primarily on what historical event?
A. economic expansion of the 1920s
B. the Great Depression
C. spectacular economic growth during World War II
D. bank panic of 1907
Answer: B
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In the long run, perfectly competitive firms make zero economic profit. This result is due mainly to the point that a perfectly competitive market has
A) few buyers and sellers. B) no barriers to entry and exit. C) price taking by the firms. D) firms with perfectly elastic market demand.
In the run up to the war in Iraq that began in 2003, one of the many concerns raised was that a war could result in a decrease in the supply of oil. At the same time, the U.S
economy was having a hard time recovering from the recession of 2001 and, as a result, incomes of many consumers had decreased (due to layoffs, wage cuts, and so forth). All else constant, it was reasonable to predict, with certainty, that the combination of these two factors would cause the equilibrium: A) quantity of oil to decrease. B) quantity of oil to increase. C) price of oil to increase. D) price of oil to decrease.
According to your text, the annual cost of regulation (federal, state and local) in the United States is estimated to exceed ________ per year
A) $500 million B) $900 million C) $50 billion D) $1 trillion
An increase in the demand for tattoos will lead to a:
a. higher price and a larger quantity sold. b. lower price and a larger quantity sold. c. higher price and a smaller quantity sold. d. lower price and a smaller quantity sold