Business cycles in the United States after World War II have been
A. more severe than before the war.
B. less severe than before the war.
C. the same as the prewar cycles.
D. easier to predict than the prewar cycles.
Answer: B
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Which of the following does the Sherman Antitrust Act forbid?
a. Monopolization or attempts to monopolize b. All types of price discrimination c. Competition among firms d. Unfair methods of competition e. Privatization of government owned firms
The housing cycle generally lasts 5 to 10 years and is also known as the Schumpeter cycle
Indicate whether the statement is true or false
According to Baumol and Blinder, recognition of the usefulness of markets
a. labels a person as an apologist (defender) of capital. b. extends to some socialist countries, for example, China. c. should make totally free markets good for any society. d. makes one a radical.
Refer to the graph shown for a small country that is a price taker internationally.
Assume the foreign supply of this product is perfectly elastic at a price of $4 per unit. To have the same effect on imports as a $2 per-unit tariff, the government would need to set an import quota of:
A. 2,500 units. B. 5,000 units. C. 1,200 units. D. 1,300 units.