Division of iron ore between the production of bridge girders and tanker drums is an example of
a. a distribution problem.
b. production planning.
c. input-output analysis.
d. both output selection and distribution
b
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Which of the following statements is true of price fixing?
a. It represents a high level of competition in an industry. b. It is allowed only under the provisions of the Federal Trade Commission Act. c. It is, by definition, illegal, as there is no justification for it. d. It occurs only in perfectly competitive industries. e. It is legal in United States.
A firm could be engaged in successful predatory pricing if: a. It charged prices greater than the average variable cost of production. b. It did not drive rivals out of the market
c. It did not raise its prices after its predatory price cutting. d. None of the above is true.
If unemployment is below the natural rate, GDP is below potential output
a. True b. False
Contractionary fiscal policy to prevent real GDP from rising above potential real GDP would cause the inflation rate to be ________ and real GDP to be ________
A) lower; lower B) lower; higher C) higher; higher D) higher; lower