A horizontal line showing the current rate of inflation, as determined by past expectations and pricing decisions is called the:
A. aggregate demand curve.
B. short-run aggregate supply line.
C. short-run equilibrium output line.
D. long-run aggregate supply line.
Answer: B
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Suppose output is $440 billion, government purchases are $40 billion, desired consumption is $320 billion, and net exports are $35 billion. Absorption is equal to
A) $405 billion. B) $420 billion. C) $435 billion. D) $440 billion.
Which part of the Foreign Corrupt Practice Act (FCPA) prohibits employees and representatives of U.S. firms from bribing foreign officials?
A) Part I B) Part III C) Part II D) Part VI
One possible benefit of a monopoly is:
a. a more efficient allocation of resources; only one firm is needed to supply quantity demanded. b. greater incentives for research due to long-run positive economic profits. c. the government is better able to ensure that it follows laws and guidelines because there is only one firm to monitor. d. goods and services are provided at a lower price than under perfect competition because of a monopoly's decreasing average cost curve.
Which of the following is concerned primarily with mergers?
a. The Sherman Antitrust Act. b. The Clayton Act. c. The Robinson-Patman Act. d. The Celler-Kefauver Act.