A company town model changes the market form from that of perfect competition to that of a
A. monopolistic competition.
B. monopoly.
C. oligopoly.
D. monopsony.
Answer: D
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A price ceiling is a government regulation that makes it illegal to charge a price
A) below the equilibrium price. B) above the equilibrium price. C) for a good or service. D) above some specified level. E) below some specified level.
Aggregate expenditure is the sum of
a. all types of spending by households and firms b. spending and savings by households c. spending by households and governments on final goods and services d. spending by households, government, firms, and foreigners on final goods and services e. all spending and saving by households, firms, and governments
Two advisors to the president have given their policy recommendations, and they are in disagreement. Why do these economists disagree?
a. because they do not have all relevant information about the problem b. because they disagree on the nature of some cause-effect relationship c. because they have different values and opinions d. All of the above are reasons for disagreements among economists.
Transfer payments typically
A) rise during expansionary periods. B) fall during recessions. C) do not change as the economy expands and contracts during the business cycle. D) fall during expansionary periods and rise during recessionary periods.