Which of the following is not one of the five fundamental questions?
A. What prices will be charged for goods and services?
B. Who will get the goods and services?
C. What goods and services will be produced?
D. How will the system promote progress?
Answer: A
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Classical economists think that the government ________ use fiscal policy to dampen the business cycle because prices and wages adjust ________
A) should not; rapidly B) should not; slowly C) should; slowly D) should; rapidly
Since 1946 the U.S. economy has been marked by
A. A 32% macro failure rate. B. A 46% macro failure rate. C. Less stability due to the discretionary policies of the government. D. Greater stability due to a hands-off policy by the government.
The average consumer at a firm with market power has an inverse demand function of P = 10 ? Q. The firm's cost function is C = 2Q. If the firm engages in two-part pricing, what is the optimal fixed fee to charge each consumer?
A. $64 B. $2 C. $32 D. None of the answers are correct.
A firm announces that in order to purchase a Blu-ray player, its customers must also purchase 10 Blu-rays. This is an example of:
A. a tie-in sale. B. monopoly pricing. C. price discrimination. D. predatory pricing.