The inflation rate is best described as ___.
A. a growing economy
B. nominal GDP
C. an expansion
D. rising prices
Answer: D. rising prices
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In the classical view, flexible wage rates would assure
A. low inflation. B. high secular inflation rates. C. high rates of unemployment. D. full employment.
All of the following are programs in the Social Security system except
A. the Old Age and Survivors Insurance program. B. the Temporary Assistance to Needy Families (TANF) program. C. the Disability Insurance program. D. the Medicare program.
Refer to the market diagram. Of the surplus that consumers lose because there is a monopoly (and not perfect competition), how much is lost to the monopoly itself?
The following questions refer to the accompanying market diagram. PC and QC are the equilibrium price and quantity if the firm behaves competitively, and PM and QM are the equilibrium price and quantity if the firm is a simple monopoly.
a. Area C + D
b. Area E + H
c. Area A + B
d. Area C + D + E
A single-price monopoly faces a linear demand curve. If the marginal revenue for the second unit is $20, then the marginal revenue for the
A) first unit is less than $20. B) third unit is less than $20. C) third unit is more than $20. D) third unit is also $20. E) more information is needed to determine if the marginal revenue for the third unit is more than, less than, or equal to $20.