J. L. Pratt noted of the old General Motors that, "When one of them had a project, why he would get the vote of his fellow members, if they would vote for his project, he would vote for theirs." This is called:
A. hypertension.
B. reneging.
C. logrolling.
D. proposal marketing.
Answer: C
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Which of the following is NOT an economic function of the U.S. government?
A) promoting competition B) providing public goods C) promoting price stability D) encouraging production of government-inhibited goods
The country of Old Jersey produces milk and butter, and it has published the following macroeconomic data, where quantities are in gallons and prices are dollars per gallon.
Between Year 1 and Year 2, the GDP deflator (based on Year 1 as a base year) rose
A. 83.33%. B. 81.25%. C. 123.00%. D. 60.00%.
An industry whose total output can be increased without a change in long-run per-unit costs is a(n)
A) increasing-cost industry. B) constant-cost industry. C) break-even cost industry. D) decreasing-cost industry.
If firms in a monopolistically competitive market are earning economic profits, which of the following scenarios would best describe the change existing firms would face as the market adjusts to the long-run equilibrium?
a. an increase in demand for each firm b. a decrease in demand for each firm c. a downward shift in the marginal cost curve for each firm d. an upward shift in the marginal cost curve for each firm