The __________ is the time immediately after a change in market price when sellers cannot respond by changing quantity supplied.
A. market period
B. short-run
C. long-run
A. market period
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Setting a price so low that competitors are driven out of a market and then boosting the price is called
a. price discrimination b. resale price maintenance. c. a tying arrangement d. price fixing. e. predatory pricing
Given the possible strategies listed below, design the best plan for increasing the country's future standard of living. i. build new factories ii. print money iii. develop new production technology iv. sacrifice consumer goods for capital formation iv. tighten immigration policy v. produce only enough capital goods to replenish depreciation.
A. i, ii, and iii only B. i, iii, and iv only C. ii, iv, and v only D. i, ii, iii, iv, and v
The U.S. is able to maintain a large trade deficit because:
A. it is balanced by a large capital surplus. B. when the business cycle is in a boom, it will be a trade surplus. C. it is balanced by a large capital deficit. D. None of these statements is true.
An unemployed worker who wants a job but has given up in the search for a new job is referred to as a/an
A. Discouraged worker. B. Unemployed worker. C. Underemployed worker. D. Phantom unemployed worker.