1998 appears to have been a year of
Consider the following hypothetical annual growth rates of real GDP:
a) economic expansion
b) recession
c) depression
d) growth recession
e) stagflation
d) growth recession
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The Aluminum Company of America (Alcoa) had a monopoly until the 1940s because
A) it had control of almost all the available supply of bauxite. B) it had a patent on the manufacture of aluminum. C) it was a public enterprise. D) the company had a secret technique for making aluminum from bauxite.
As a result of the housing-market crash:
A. both aggregate demand and aggregate supply shifted to the left. B. both aggregate demand and aggregate supply shifted to the right. C. aggregate demand shifted to the left, and aggregate supply shifted to the right. D. aggregate demand shifted to the right, and aggregate supply shifted to the left.
What are two ways to reduce pollution that require firms to pay to pollute?
a) corrective taxes and pollution permits b) corrective taxes and command-and-control policy c) pollution permits and command-and-control policy d) pollution regulations and pollution permits
Which of the following examples shows the most elastic demand?
a. When the price of gasoline increases from $2.50 to $2.75 per gallon, sales remain the same. b. When the price of stoves increases from $700 to $800 per stove, sales decrease by half. c. When the price of apples decreases from $2 to $1 per pound, sales increase 10 percent. d. When the price of cell phones decreases from $100 to $80 per phone, sales triple.