The recession of 2007-2009 was the most severe economic downturn in the U.S. since the
a. 1930s.
b. 1950s.
c. 1970s.
d. 1980s.
a
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Repeated games can lead to tacit collusion.
Answer the following statement true (T) or false (F)
Consider an industry that produces an output Q with marginal private cost (MC) and marginal social cost (MSC) as given in the table:
Q MC MSC 1 2 4 2 4 7 3 6 10 4 8 13 5 10 16 Which of the following is TRUE? A) The production of each additional unit results in a larger marginal external cost. B) The production of each additional unit results in the same marginal external cost. C) The production of each additional unit results in a lower marginal external cost. D) There are no marginal external costs associated with the production of this good.
Government policies resulting intended to increase equality (cutting the pie into more equal slices) include (i) the welfare system (ii) unemployment insurance (iii) progressive income tax
a. (i) only b. (ii) only c. (i) and (ii) only d. (i), (ii), and (iii)
Economic surplus is another term for which of the following?
a. efficiency b. consumer surplus c. social surplus d. deadweight loss