A larger controversy of the financial crisis among both members of Congress and the general public had to do with the Fed's expanded role in the economy
a. True
b. False
A
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Define the following four references and name a country that you argue would fall into each category
(a) First World (b) Second World (c) Third World (d) Fourth World
The argument that import restrictions save jobs and promote prosperity fails to recognize that:
a. there are no secondary effects of import restrictions. b. import restrictions will lower prices in the protected industries. c. import restrictions cannot create jobs in any industries. d. U.S. imports provide people in other countries with the dollars power required for the purchase of U.S. exports.
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.
A risk-neutral monopoly must set output before it knows the market price. There is a 50 percent chance the firm's demand curve will be P = 20 ? Q and a 50 percent chance it will be P = 40 ? Q. The marginal cost of the firm is MC = Q. The expected profit-maximizing quantity is:
A. 15. B. 20. C. 5. D. 10.