The controller of a monopoly sets the price of goods by charging _____.
(A) As much as possible, regardless of the amount sold.
(B) Less than the company would charge if it did not have a monopoly.
(C) The price at which the profit is maximized.
(D) Only a small amount over cost.
Answer: (C) The price at which the profit is maximized.
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From 2007 to 2012, the amount of assets owned by the Fed approximately
A) doubled. B) tripled. C) quadrupled. D) quintupled.
Which of the following decreases aggregate supply?
A) discoveries of new raw materials B) an increase in competition C) an increase in training and education D) a decrease in labor supply
The enclosure movement in England in the 17th century represented an attempt to transform
a. a public good into a private good. b. a private good into a public good. c. a private good into a common resource. d. a common resource into a private good.
According to the long-run Phillips curve, in the long run monetary policy influences
a. both the inflation rate and the unemployment rate. b. the inflation rate but not the unemployment rate. c. the unemployment rate but not the inflation rate. d. neither the unemployment rate nor the inflation rate.