According to the text, those who hold stock in U.S. corporations
a. are only from the top 10 percent of the wealthiest individuals in the country
b. cover a wide spectrum of American society
c. are mainly over 65 years of age
d. have very little education
e. includes only 2 percent of the U.S. population
B
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When the market for a commodity is in equilibrium:
A) there will still be some unsold stock of the commodity. B) all sellers of the commodity will want to change their behavior. C) no economic agent will want to change his or her behavior. D) all buyers of the commodity will want to change their behavior.
The Fed initiates a contractionary monetary policy that is correctly anticipated by economic agents in the economy. The result is
A) decreased prices, but no change in real GDP. B) decreased prices and decreased real GDP in the short run, but only decreased prices in the long run. C) decreased real GDP in the short run and decreased prices in the long run. D) decreased real GDP and prices in both the short run and the long run.
Collusion is a situation where businesses:
A. agree to cooperate, and the U.S. government works hard to encourage this behavior. B. have noncooperative outcomes, because they compete outside the public eye. C. agree to cooperate, and their behavior does not serve the public interest. D. act in their own self-interest and ignore what the other businesses are doing.
To maximize profits, the firm in Figure 10.3 will charge:
A. P1. B. P2. C. P3. D. P4.