The key difference between classical and Keynesian macroeconomists is their differing beliefs about
A. the natural rate of unemployment.
B. the speed at which prices adjust.
C. the full-employment level of output.
D. the slope of the aggregate demand curve.
Answer: B
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An industry with Herfindahl-Hershman Index of 4,000 would best be described as
A. perfect competition. B. monopoly. C. monopolistic competition. D. oligopoly.
The marginal benefit of a typical activity
A. decreases as you do more of the activity. B. stays the same if the cost of doing the activity stays the same. C. can never be negative. D. increases as long as the activity has any value to you.
What is meant by direct regulation of pollution emissions? What is the problem with this method of pollution control?
What will be an ideal response?
Which of the following is not true concerning producer surplus? a. It is qraphically the area under the supply curve and above the market price. b. It exists in equilibrium
c. A leftward shift of the supply curve will decrease producer surplus. d. A rightward shift of the supply curve will increase producer surplus.