When society gets the most it can from its scarce resources, then the outcome is called
a. equitable.
b. efficient.
c. normal.
d. efficacious.
b
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Strategic behavior
A) is found in competitive markets. B) is a form of product differentiation. C) involves the interdependence of actions. D) is only present when there are price fixing agreements.
The official dividing line between the poor and nonpoor is called the
A. life threshold. B. life edge. C. poverty line. D. beginning line.
The Fed tried to reduce unemployment in the years following the recession of 2001 by:
A. reducing the growth rate of the money supply. B. increasing government spending on construction projects. C. keeping the Federal funds rate very low. D. raising the reserve requirement for banks.
If a purely competitive constant-cost industry is realizing economic profits, we can expect industry supply to:
A. increase, output to increase, price to decrease, and profits to decrease. B. increase, output to increase, price to increase, and profits to decrease. C. decrease, output to decrease, price to increase, and profits to increase. D. increase, output to decrease, price to decrease, and profits to decrease.