During the period that many call the Great Recession:
A. GDP fell.
B. there was a sharp decrease in consumer spending.
C. unemployment rose.
D. All of these are true.
Answer: D
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Given the prices of two goods, all quantity combinations outside the budget line are:
a. undesirable. b. inefficient. c. inferior. d. unattainable.
Which of the following is not correct?
a. The consumer price index gives economists a way of turning dollar figures into meaningful measures of purchasing power. b. The consumer price index is used to monitor changes in the cost of living over time. c. The consumer price index is used by economists to measure the inflation rate. d. The consumer price index is used to measure the quantity of goods and services that the economy is producing.
Which costs of inflation could the government reduce without reducing inflation?
a. arbitrary redistributions of wealth b. shoeleather costs c. menu costs d. none of the above is correct.
In a monopolistically competitive market, having a large number of firms in the market means that
A) no firm attempts to take into account the reaction of rival firms. B) individual firms will have a large portion of the market giving them monopoly power. C) firms will get together and collude because this will be the only way to earn monopoly profits. D) firms will cooperate with each other to drive competitors out of the market.