In the United States during the period from 1870 to 1940, the price level was most likely to
A. fluctuate.
B. increase.
C. decrease.
D. trend generally upward.
Answer: A
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To understand how decisions about military expenditures are made, it is probably most important to understand _____
a. geography b. economic warfare c. the political process d. strategic alliances
Which of the following statements is NOT true of external benefits?
A. External benefits lead to an underallocation of resources to the production of the good that has the external benefit. B. External benefits are a good thing for the allocation of resources because people are getting something at no cost. C. External benefits lead to too few of the goods that have the external benefit being produced. D. External benefits lead to a price in the market that is too high.
At the short-run break-even point, the perfectly competitive firm is
A) earning positive economic profits. B) earning zero economic profits. C) earning negative economic profits. D) just covering its total variable costs.
According to the text, minimum-wage laws cause increases in
A. productivity. B. employment possibilities. C. poverty. D. structural unemployment.