To protect the competitive economic system by restricting the formation of monopolies, the government has passed and enforced
A. the imposition of taxes on certain goods.
B. zoning laws.
C. rationing systems.
D. antitrust laws.
Answer: D
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Goods and services that are used up in the production of other goods and services are called ________ goods and services.
A. final B. nominal C. value added D. intermediate
To shift the RS curve rightward as illustrated, the Fed has ________ government securities in the open market. The Fed will undertake this type of policy if it is concerned about ________
A) sold; recession B) sold; inflation C) bought; recession D) bought; inflation E) None of the above answers is correct.
A purely competitive firm's output is currently such that its marginal cost is $4 and marginal revenue is $5. Assuming profit maximization, the firm should:
A. Cut its price and raise its output B. Raise its price and cut output C. Leave price unchanged and raise output D. Leave price unchanged and cut output
Refer to the information provided in Figure 6.7 below to answer the question(s) that follow.
Figure 6.7Refer to Figure 6.7. Along budget constraint AB, the price of good X is $10 and the price of good Y is $12. If the price of X increases to $15, the budget constraint will
A. shift in parallel to AB. B. pivot in at point B. C. pivot in at point A. D. pivot out at point A.