Before the Great Depression of the 1930s, the majority of government spending took place at the ________ and after the Great Depression the majority of government spending took place at the ________
A) federal level; state level B) federal level; state and local levels
C) state and local levels; federal level D) local level; federal level
C
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Social regulation means that the government dictates the price that a firm must charge and/or the quantity that a firm must supply
a. True b. False Indicate whether the statement is true or false
When the inflation rate is high and volatile,
What will be an ideal response?
The same factors that lead to a change in quantity demanded also cause a change in demand.
a. true b. false
You read that 40 firms that grow and export strawberries to the United States decide to form a cartel. The cartel aims to raise the price of strawberries and reduce output to increase profits for the strawberry growers. You predict that this cartel will probably
A. not be successful because there are too many firms that are trying to organize the cartel and there are a number of good substitutes for strawberries. B. not be successful because it is difficult to export a perishable product like strawberries. C. be successful because enforcing the rules among only 40 firms is very manageable. D. be successful because the demand for strawberries is very inelastic.