Refer to the above figures. Which panel(s) represent economic growth?
A. Panels B and D only
B. Panel A only
C. Panels A and C only
D. Panel D only
Answer: C
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How does the United States attempt to compensate losers from lower trade restrictions?
What will be an ideal response?
Perfectly competitive firms are earning economic profits at a market price of $12 and an average total cost of $10. If new firms enter and do not affect the cost for all firms, the market price will ________ until it reaches ________.
A) increase; $16 B) decrease; $10 C) decrease; $11 D) increase; $13
Assume that the required reserve rate is ten percent, banks want to hold excess reserves in an amount that equals three percent of deposits, and the public withdraws ten percent of every deposit in cash. An open market purchase of $1 million by the Fed will see banking system deposits increase by:
A. more than $1 million but less than $10 million. B. more than $10 million but less than $20 million. C. less than $1 million. D. exactly $1 million.
Right-to-work laws
a. guarantee workers the right to form unions. b. give workers in a unionized firm the right to choose whether to join the union. c. prevent employers from hiring permanent replacements for workers who are on strike. d. prevent workers from being fired because of increases in wages brought about by collective bargaining.