Perfect competition is the term used to describe
a. an industry in which all businessmen are honest and accommodating.
b. an industry in which numerous firms produce identical products.
c. an industry untouched by government regulation.
d. the kind of industry any American would support.
b
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Once voting preferences become more complicated than those assumed by the median-voter theorem:
A. the way in which votes are cast becomes important. B. the policies preferred by the average voter become more important. C. the politicians stay more extreme in their views. D. economists cannot analyze voting preferences successfully.
The most volatile part of wealth is:
a. transfer payments b. bonds c. the stockmarket d. savings accounts
Which of the following about unemployment is true?
a. Frictional unemployment implies a lack of available jobs. b. During a recession, cyclical unemployment will be low. c. When an economy is at full employment, actual unemployment will be less than the natural rate of unemployment. d. When actual GDP equals potential GDP, the actual unemployment rate will equal the economy's natural rate of unemployment.
When General Dwight D. Eisenhower ran for the presidency for the first time, he said he would
A. end the recession and end inflation. B. end the recession and end the Korean War. C. end inflation and end the Korean War. D. end the recession, the Korean War, and inflation.