According to your authors, America's Great Depression of the 1930s was evidence of
A) an unstable free market system
B) rampant greed among entrepreneurs.
C) a cluster or accumulation of errors.
D) antagonistic interests among the propertied and nonpropertied classes.
E) all of the above.
C
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The table above gives the demand for a monopolist's output. Between which two quantities is marginal revenue equal to 0?
A) 4 and 5 B) 3 and 4 C) 2 and 3 D) 1 and 2
Because GDP does not account for improvements in the quality of goods, the GDP calculation:
a. tends to overstate the true value of output in the United States. b. tends to understate the true value of output in the United States. c. provides an accurate value of output in the United States. d. provides the best measure of output in the United States. e. measures the value correctly because price changes always capture the value of quality changes.
One way that the government encourages the production of a good with positive externalities is to offer
A) an effluent fee. B) a market to pollute. C) a subsidy. D) a pollution tax.
Suppose a family's income increases by 5% at the same time that inflation is 6%. Then the family's living standard:
A. Will increase by 5% B. Will not change C. Will increase by 1% D. Will decrease