Large corporations, such as Ford and IBM, are owned by ______.
a. a few rich individuals
b. millions of different stockholders
c. the federal government
d. five large banks
b. millions of different stockholders
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Economists assume that rational behavior is useful in explaining choices people make
A) because irrational people do not make economic choices. B) because individuals act rationally all the time in all circumstances. C) even though people rarely, if ever, behave in a rational manner. D) even though people may not behave rationally all the time.
In the graph showing an increase in the growth of the money supply, the natural rate of unemployment of the economy shown is ______.
a. 0 percent
b. 3 percent
c. 5 percent
d. 6 percent
When there is underproduction in a market,
A. market price is too high. B. there is a deadweight loss. C. the total of consumer and producer surplus is maximized. D. there is excess quantity supplied.
Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher