The years from 1945 to 1973 are notable for ________
A) a Great Moderation
B) generally low inflation
C) brief, but severe, recessions
D) all of the above
E) none of the above
B
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If smartwatches are considered substitutes for smartphones, the decline in the price of smartphones would, all else equal,
A) decrease the demand for smartwatches. B) increase the demand for smartwatches. C) increase the quantity of smartwatches demanded. D) decrease the quantity of smartwatches demanded.
The point on a linear demand curve where revenue is maximized is where
A. the price is the highest. B. elasticity equals 0. C. elasticity equals -1. D. elasticity equals infinity.
Compared to a perfectly competitive industry, a single-price monopoly with the same costs will
A) create less consumer surplus.
B) create less economic profit.
C) create a deadweight loss.
D) Both answers A and C are correct.
The economy is said to be fully employed when there is no:
A. structural unemployment. B. frictional unemployment. C. unemployment. D. cyclical unemployment.