Use the following graph of total revenues to answer the question below.
Demand is elastic between points
A. A and B.
B. F and G.
C. D and E.
D. G and H.
Answer: A
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What are institutions? What is the institutions hypothesis of economic growth?
What will be an ideal response?
Sarah earns $40,000 per year working for a large corporation. She is thinking of quitting this job to work full time in her own business. She will invest her savings of $50,000 (which currently has an annual 10% rate of return) into the business
Her annual opportunity cost of this new business is A) $0. B) $40,000. C) $45,000. D) $90,000.
Monetarism is a school of thought put forth by ________, who argued that the economy would ordinarily be at potential GDP
A) Karl Marx B) Milton Friedman C) Finn Kydland and Edward Prescott D) Robert Lucas and Thomas Sargent
Which of the following is considered a potential solution to some regulatory capture?
A)Bringing industry experts into the regulatory process B)Government subsidies for firms in the industry C)Creating a standard set of regulations for all industries D)Deregulation of the industry