If firms meet together to decide on prices and outputs, there is
A. overt collusion.
B. tacit collusion.
C. price leadership.
D. None of the above are correct.
Answer: A
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Over the last 100 years, the average U.S. growth rate in real GDP per person was about
A) 2 percent per year. B) 6 percent per year. C) 12.5 percent per year. D) 1 percent per year.
As the slope of the aggregate supply curve increases, this indicates that
a. the economy is getting close to potential GDP. b. the economy is reducing employment. c. inflation will be less of a problem. d. output is falling.
Stabilization policy often faces a trade-off between inflation and unemployment.
Answer the following statement true (T) or false (F)
Fixed cost is sometimes referred to as
A. sunk cost. B. variable cost. C. total cost. D. economic cost.