A big downside to deregulation was that the increased competition drove some firms out of business and many workers:
a. were laid off.
b. went on strike.
c. went over to the competition.
d. stole company property.
a. were laid off.
Deregulation has its negatives. The greater pressure of competition led to entry and exit. When firms went bankrupt or contracted substantially in size, they laid off workers who had to try to find other jobs.
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Over the twentieth century, growth in per-capita GNP was highest
A) immediately prior to the Great Depression. B) during World War II. C) during the 1960s. D) during the 1980s.
In the short run, certain costs, such as rent on land and equipment, must be paid whether or not any output is produced. These are:
a. the firm's variable costs. b. the firm's break-even costs. c. the firm's sunk costs. d. the firm's marginal costs. e. the firm's fixed costs.
When the Federal Reserve sells U.S. government securities on the open market, this tends to ____ banks reserves and ______ the money supply.
A. raise; raise B. lower; lower C. raise; lower D. lower; raise
Keeping a $20 bill in your purse to purchase a movie DVD when it comes out next month means that money functions as a
A) medium of exchange. B) unit of account. C) standard of deferred payment. D) store of value.