A laissez-faire policy may be an effective antitrust policy if markets are
a. c and d
b. d and e
c. oligopolistic
d. competitive
e. contestable
B
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Starting from long-run equilibrium, an increase in autonomous consumption results in ________ output in the short run and ________ output in the long run.
A. higher; higher B. higher; potential C. lower; higher D. lower; potential
The data show that the American national income grew fast enough—even when immigration rates are taken into account—to produce rising income per capita between 1860 and 1910
Indicate whether the statement is true or false
The condition of scarcity:
a. cannot be eliminated. b. prevails in poor economies. c. prevails in rich economies. d. All of these.
Which of the following is correct?
a. In unionized industries, wages are below the level that would prevail in competitive markets. b. The introduction of a union in an industry reduces the quantity of labor demanded in that industry, causes some workers in that industry to be unemployed, and reduces wages in the rest of the economy. c. There is a strong consensus among economists that unions are bad for the U.S. economy. d. All of the above are correct.