John Maynard Keynes wrote that economies can suffer recession or depression for many years if the government does not intervene
a. True
b. False
Indicate whether the statement is true or false
True
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Use the following table to answer the next question. The base year is 2007. YearHot DogsBaseballsBottles of Beer?PriceQuantityPriceQuantityPriceQuantity2005$2.50100$2.5050$1.0010020064.001005.001002.0015020075.001005.001002.0020020088.001508.002004.00200200910.0020010.002004.00250Calculate the percentage change in prices from 2007 to 2009.
A. 175% B. 200% C. 150% D. 100%
A market in which there is only one seller, and there is no close substitute for the product being sold, is called
A) perfect competition. B) monopolistic competition. C) monopoly. D) oligopoly.
If a shift in the demand curve that raises the price of oranges from $7 to $9 a bushel increases the quantity of oranges supplied from 4,000 bushels to 6,000 bushels, the
A) supply of oranges is elastic. B) supply of oranges is inelastic. C) demand for oranges is elastic. D) demand for oranges is inelastic.
Exhibit 3A-1 Comparison of Market Efficiency and Deadweight Loss
As shown in Exhibit 3A-1, if the quantity supplied is 2 million pounds of ground beef per year, the result is a deadweight loss represented by area:
A. ABEC. B. CEFD. C. EGH. D. BEF.