Prior to September 11, 2001, defense spending had ________ in inflation adjusted terms over the past 10 years and was at its ________ by that measure since WWII.
A. risen; highest
B. fallen; highest
C. fallen; lowest
D. risen; lowest
Answer: C
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A major reason that firms form a cartel is to
A. enlarge the market share for each producer. B. maximize joint profits. C. reduce the elasticity of demand for the product. D. minimize the costs of production.
The Phillips Curve will shift when
A) the overall employment rate remains unchanged. B) the expected inflation rate changes. C) the price level falls. D) none of the above.
The most important determinant of any multiplier in the Keynesian model is
a. the level of planned investment. b. the level of unemployment. c. the marginal propensity to consume. d. the level of excess demand.
In order to increase society's total welfarer, a production process that produces a negative externality should be
a. taxed b. provided by the government c. ignored d. subsidized e. exported