Laissez-faire capitalism is characterized by:
A. Very limited government role in the economy
B. Active government intervention in the economy
C. Individuals and firms abiding by a government economic plan
D. A very fair distribution of income and wealth
Answer: A
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The dollar price of a good relative to the average dollar price of all other goods and services is the good's:
A. nominal price B. equilibrium price C. market price D. real price
The slope of the demand curve conveys all the useful information about elasticity.
Answer the following statement true (T) or false (F)
Supplementary Security Incomes are provided by the U.S. government to those who:
a. regularly pay a social security tax. b. are below 65 years of age. c. lack the required education to be absorbed in the job market. d. earn less than $4,500 per year. e. are temporarily unemployed.
In the long run, equilibrium for a monopolist is when
A. the short-run and long-run average cost curves are at their lowest points. B. the short-run average cost curve is at its lowest point. C. the long-run average cost curve is at its lowest point. D. None of these is necessarily true.