The most severe depression in the United States was the 30 percent decrease in real GDP that occurred between
A. 1899 and 1913.
B. 1929 and 1933.
C. 1959 and 1963.
D. 1979 and 1983.
Answer: B
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In the four-quadrant diagram of the specific factors model, the graph in the upper left quadrant is a country's
A) production function for food. B) production possibility frontier. C) labor allocation constraint. D) production function for cloth. E) labor supply curve.
Refer to the table below. Suppose the perfectly competitive market for dairy products had a 40 percent chance of a high price of $3.00 and a 60 percent chance of a low price of $2.00. However, both Happy Cows and Free Cows have revised their probabilities and now believe that the probability of a high price of $3.00 is 80 percent and the probability of a low price of $2.00 is 20 percent. If the
managers of Happy Cows want to maximize expected profit based on the new probabilities by how much will they change the quantity produced?
Happy Cows and Free Cows are two separate perfectly competitive dairy farms. The table above shows the respective firms' marginal cost at various production levels.
A) Happy Cows will decrease their production by 20 units.
B) Happy Cows will decrease their production by 40 units.
C) Happy Cows will increase their production by 40 units.
D) Happy Cows will increase their production by 20 units.
Refer to the above figure. The highest price that consumers would be willing to pay for quantity Q2 is
A) P2. B) P0. C) P1. D) cannot be determined from the diagram.
Which of the following could effectively destroy a monopoly structure?
a. the appearance of just one close substitute good b. its exclusive access to resources c. its patent on a new technology d. a government restriction on entry e. a merger of two once-competing firms