When deciding on an appropriate course of action to counter a recessionary gap, which of the following do policy makers consider?
a. the slope of the short-run Phillips curve
b. the costs of inflation and unemployment
c. the efficiency of the economy's self-correcting mechanism
d. All of the above are correct.
d
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Individual transferable quotas (ITQs) have been shown to
a. increase the value of fisheries but reduce the safety of fishers as the season is shortened. b. end overfishing by making the use of efficient technology illegal. c. increase the safety of fishing but not the value to consumers of the product. d. increase the value to consumers of the product and raise the price received by fishers.
When the overall price level decreases, what is the effect on the economy?
a. Purchasers demand a higher quantity of final goods and services.
b. There is a decrease in the quantity of real GDP demanded.
c. Movement occurs along the curve from point A to point B.
d. The aggregate demand curve shifts rightward.
If a purely competitive firm is producing at the MR = MC output level and earning an economic profit, then:
A. the selling price for this firm is above the market equilibrium price. B. new firms will enter this market. C. some existing firms in this market will leave. D. there must be price fixing by the industry's firms.
Which form of intellectual property protects a movie maker?
A. Patent B. Copymark C. Copyright D. Trademark