National economic policies are usually set by the local government in the U.S., making it the focus of economic discussions
a. True
b. False
Indicate whether the statement is true or false
False
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The real wage rate is the nominal wage rate adjusted for inflation since some base year.
Answer the following statement true (T) or false (F)
Senator Dogood is pushing for the construction of a new military base in his state even though, from the standpoint of national security, it is clear that there are better places to locate the new military base. Economic theory would suggest that Senator Dogood is
a. acting irrationally; he must not know that the base would be better located in a different state. b. acting rationally; he realizes that constructing the base in his state will increase his chances of getting reelected. c. acting rationally if the country is currently at war but is acting irrationally if the country is not at war. d. trying to do what is best for the country.
Figure 15-1
Figure 15-1 describes conditions in the monopolized weezil industry. If the government replaces the monopolist with perfectly competitive firms and forces these firms to take account of all the costs and benefits they impose on society, the industry will produce an output equal to
A. W. B. X. C. Y. D. Z.
Exhibit 9-2 Demand and cost information for a monopoly Q P TC 0 40 10 1 30 15 2 20 25 3 10 40 4 0 60 Refer to Exhibit 9-2. Using the rule that focuses on the marginal approach to maximizing profits, the monopolist maximizes profit by choosing price equal to:
A. $40. B. $20. C. $10. D. $30.