Each of the following is an endogenous business cycle theory except the ___________ theory.
A. innovation
B. war
C. monetary
D. under consumption
B. war
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The government can turn a shortage of a good into a surplus by
A) imposing a sufficiently low ceiling price. B) offering subsidies to producers. C) persuading producers to increase the amount of the good available. D) supporting the price of the good above the market clearing level.
At any given time in the U.S., 16 percent of the population lacks health insurance.
A. True B. False C. Uncertain
Price should be
A) determined by equating average cost and marginal cost to determine quantity and then setting the price using that quantity and the demand curve. B) determined by equating marginal revenue and average revenue to determine quantity and then setting the price using that quantity and the demand curve. C) determined by equating marginal revenue and marginal cost to determine quantity and then setting the price using that quantity and the demand curve. D) determined by equating marginal revenue and long-run average cost to determine quantity and then setting the price using that quantity and the demand curve.
A theory is a perfect description of reality
Indicate whether the statement is true or false