In one possible scenario for the future, the United States would continue to decline in power, but China would not rise up enough to dominate. This would likely lead to
a. bipolarity.
b. anarchy.
c. multipolarity.
d. theocracy.
c. multipolarity.
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All of the following arguments are made against inflation targeting EXCEPT
A) rigid numerical targets would diminish the flexibility of monetary policy. B) the Fed would need to depend on future forecasts of inflation since monetary policy acts with a lag. C) the Fed has little influence on inflation. D) Holding the Fed accountable for low inflation may make it difficult for elected officials to monitor whether the Fed is supporting good overall economic policy.
A firm is currently producing at the point where MC = MR. The situation for the firm at this point is P = $5, Q = 100, ATC = $6, AVC = $4.50. What do you recommend this firm do?
A) Increase production above the current output rate, because MC = MR at this rate of output. B) Continue to produce the current output rate, because P > AVC. C) Shut down, because AVC > P. D) Shut down, because ATC > P.
Which statement is true?
A. Industry X has a higher Herfindahl-Hirschman index than Industry Y.
B. Industry Y has a higher Herfindahl-Hirschman index than Industry Z.
C. Industry Z has a higher Herfindahl-Hirschman index than Industry X.
D. Industries X, Y, and Z have the same Herfindahl-Hirschman index.
The smallest size at which long-run average cost is at its lowest level is called
A. the minimum efficient scale. B. economies of scale. C. the maximum efficient scale. D. diseconomies of scale.