A freeze on wages and prices was introduced by President
A. Franklin Delano Roosevelt.
B. Harry S. Truman.
C. Dwight D. Eisenhower.
D. John F. Kennedy.
A. Franklin Delano Roosevelt.
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The firm’s average cost curve is the result of cost minimization in the use of fixed inputs.
Answer the following statement true (T) or false (F)
Relative to a no-trade situation, if the United States exported chairs, the domestic price of chairs
a. would rise, and domestic output would also rise. b. would decline, but the domestic output would rise. c. would decline, and domestic output would decline also. d. would rise, but domestic output would fall.
Tariffs and quotas:
A. benefit producers of protected products but harm domestic consumers. B. benefit both producers of protected products and domestic consumers. C. benefit neither producers of protected products nor domestic consumers. D. benefit domestic consumers at the expense of producers of protected products.
Which of the following is true?
A. Employment and unemployment are both coincident with the business cycle. B. Employment is procyclical and unemployment is coincident with the business cycle. C. Employment is procyclical and unemployment is countercyclical. D. Employment and unemployment are both procyclical.