Forests in the United States, starting from the time the colonists arrived,
a. have always expanded.
b. have only shrunk in size.
c. have changed little.
d. shrank as they were logged and cleared for farms, then rebounded, especially in the twentieth century.
D
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In the basic Keynesian model, an increase in government purchases:
A. reduces potential output. B. increases short-run equilibrium output. C. increases potential output. D. reduces short-run equilibrium output.
A market often characterized by one-on-one bargaining is a(n) ________ market.
A. general B. informal C. formal D. specific
For a natural monopoly, the efficient quantity is produced when the firm is regulated so that
A) P = ATC. B) P > ATC. C) P = MC. D) P > MC. E) P < MC.
Because increases in inflation reduce planned spending and short-run equilibrium output:
A. the short-run aggregate supply line is downward sloping. B. the aggregate demand curve is horizontal. C. the aggregate demand curve is upward sloping. D. the aggregate demand curve is downward sloping.