The "police power" of government to control business
(a) was exercised during the colonial period but lapsed when the Constitution was written.
(b) was exercised during the colonial period and carried over to the new nation; it still exists today.
(c) was not widely exercised during the colonial period but assumed greater importance in the new nation.
(d) was important in England but was never important in the Americas, either before or after the Revolution.
(b)
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Average fixed costs of production
A) will rise at a fixed rate as more is produced. B) remain constant. C) graph as a U-shaped curve. D) fall as long as output is increased.
Owners and managers
A) must be the same people. B) may be different people with different goals, and in the long run firms that do best are those in which the managers are allowed to pursue their own independent goals. C) may be different people with different goals, but in the long run firms that do best are those in which the managers pursue the goals of the owners. D) may be different people with different but exactly complementary goals. E) may be different people with the same goals.
Suppose a country abandons a no-trade policy in favor of a free-trade policy. If, as a result, the domestic price of pistachios decreases to equal the world price of pistachios, then
a. that country becomes an exporter of pistachios. b. that country has a comparative advantage in producing pistachios. c. at the world price, the quantity of pistachios demanded in that country exceeds the quantity of pistachios supplied in that country. d. All of the above are correct.
If the long-run Phillips curve shifts to the left, then for any given rate of money growth and inflation the economy has
a. higher unemployment and lower output. b. higher unemployment and higher output. c. lower unemployment and lower output. d. lower unemployment and higher output.