In the 1970s, the U.S. inflation rate reached about
a. 7 percent per year.
b. 10 percent per year.
c. 14 percent per year.
d. 20 percent per year.
b
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The key defining feature of oligopoly, in addition to firms' market power, is
a. collusion. b. free entry and exit. c. firms take rivals' actions into account. d. the Prisoner's Dilemma.
Refer to the scenario above. The retailer adds a value of ________ to the production process
A) $3 billion B) $1 billion C) $10 billion D) $5 billion
The term "fiscal federalism" refers to
a. deficit financing of government programs. b. the power of Congress to tax and to determine how tax revenues are spent. c. transferring money between levels of government (for example, from a state government to a local government). d. the system under which governments ask citizens to vote on major revenue-raising measures (for example, on issues of municipal bonds).
A rational person:
A. makes choices based on total benefits and total costs. B. undertakes activities until the net benefits become less than zero. C. considers the financial benefits and financial costs of making a choice. D. makes choices based on added benefits and added costs.