Extraneous events that are completely unrelated to economic fundamentals are called
A) moonbeams.
B) black holes.
C) sunspots.
D) time warps.
C
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In August 1979, President Jimmy Carter appointed ________ as chairman of the Board of Governors of the Federal Reserve System
A) Paul Volcker B) Alan Greenspan C) G. William Miller D) Ben Bernanke
D. All of these statements are true.
A. an output gap. B. a recession. C. a boom. D. an inflationary gap. AACSB: Reflective Thinking
If the supply price of land is zero, including costs of transporting goods produced on the land to the market, then
a. positive rents are paid for the acres furthest from the market b. there are no rent-yielding acres c. the demand for land must be infinitely high d. population growth must be high e. landowners will reap higher rents
Describe how monopolists use barriers to entry to maintain their pricing power.
What will be an ideal response?