To maximize profit, an unregulated natural monopoly will produce at a level where:
A. marginal revenue is greater than marginal cost.
B. marginal revenue is greater than average revenue.
C. marginal revenue is less than marginal cost.
D. marginal revenue is equal to marginal cost.
Answer: D
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Relations between rich and poor countries is most important in
a. Marx's view of capitalist development b.dualism c. dependency theory d. Rostow's stages of development e. none of the above
Compared with the recovery from the recession of 1981-82, the recovery from the recession of 2008-09 was characterized by
a. more rapid growth of real GDP. b. a more rapid decline in the rate of unemployment. c. larger increases in both government spending and budget deficits as a share of GDP. d. higher interest rates and a more restrictive monetary policy.
Suppose the actual rate of unemployment is 4 percent. What is the natural rate of unemployment if actual output equals potential output?
A. ?4 percent B. 4 percent C. 0 percent D. 2 percent
The most commonly used measures of elasticity are:
A. price elasticity of demand and cross-price elasticity of supply. B. cross-price elasticity of demand and cross-price elasticity of supply. C. price elasticity of demand and price elasticity of supply. D. income elasticity of demand and price elasticity of supply.