Who said our economy "seems capable of remaining in a chronic condition of subnormal activity for a considerable period without any marked tendency either toward recovery or toward complete collapse"?
A. David Ricardo
B. Jean Baptiste Say
C. Wassily Leontief
D. John Maynard Keynes
D. John Maynard Keynes
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Marginal cost crosses the
a. AVC curve at the highest point of the AVC curve. b. ATC curve at the lowest point of the ATC curve. c. AFC curve at the lowest point of the AFC curve. d. ATC curve at the highest point of the ATC curve.
Which of the following may not characterize an oligopoly?
A. No market power. B. A few firms. C. Substantial control over price. D. High barriers to entry.
Cooperation that continues as long as the players continue to cooperate is
A. opportunistic behavior. B. a negative-sum game. C. tit-for-tat strategic behavior. D. a zero-sum game.
Refer to the above diagram. Which of the following is the most likely cause for a shift in the production possibilities curve from AB to CD?
A. The use of the economy's resources in a more efficient way
B. An increase in the spending of business and consumers
C. An increase in government purchase of the economy's output
D. An increase in the quantity and quality of labor resources