Developments which marked the beginning of the modern period of Western Europe around the year 1500 did not include which of the following?
(a) The rise of nation states and decline in power of the feudal nobility
(b) The Protestant Reformation
(c) Creation of national markets, commercial growth and exploration abroad
(d) The rise of Islam to centralized power in North America
(d)
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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
If a perfectly competitive industry is taken over by a single firm that operates as a single-price monopoly, the price will ________ and the quantity will ________
A) fall; decrease B) fall; increase C) rise; decrease D) rise; increase E) not change; decrease
Suppose Bev's Bags makes large handbags and small handbags. They sold 70,000 large bags for $45 each and 25,000 small bags for $15 each. If the company had total costs of $2,000,000, what was the profit for this company?
A. $375,000 B. $3,525,000 C. $1,525,000 D. $850,000
Which of the following could not be considered price discrimination?
A. Airlines offering super-saver fares to everyone. B. Movies offering cheap matinees. C. Senior citizen's discounts. D. The issuing of discount tickets to week-end travelers.