When a society is more equal:
A. the more the economy grows, so the best economy is the most equal.
B. the more everyone gains when the economy improves, but that doesn't mean the most equal society is the best society.
C. economic growth will create imbalance, and the government will need to work to equalize incomes.
D. economic growth will provide the most resources for its disadvantaged members .
B. the more everyone gains when the economy improves, but that doesn't mean the most equal society is the best society.
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Which of the following did NOT significantly exacerbate the banking crisis of the early 1930s?
A) the Fed's decision not to make loans to insolvent banks B) the large number of small, poorly diversified banks C) the large number of rural banks that held agricultural loans during a time of falling commodity prices D) the large amount of fraud carried out by bank managers
A cottage industry is one that
a. produces rural housing b. takes advantage of the division of labor c. uses highly specialized resources in a complex production process d. produces cottage cheese e. carries out production in workers' homes
An increase in aggregate demand will have most effect on prices if:
a) Aggregate supply is price inelastic b) Aggregate supply is price elastic c) Aggregate supply has a unitary price elasticity d) Aggregate demand is price inelastic
In the short run, why would a firm in a perfectly competitive market shut down production if the prevailing market price falls below the lowest possible average variable cost?
A. At that point (economic) profit is zero. B. Below that point average revenue becomes less than marginal revenue. C. Below that point marginal revenue becomes insufficient to pay for avoidable average variable cost. D. Below that point other firms with similar cost will find it profitable to enter the market and take away demand from the existing firms.