The introduction of the power loom during the Industrial Revolution caused:
A. the long-run aggregate supply curve to shift to the right.
B. an increase in the potential output of the economy.
C. economic growth.
D. All of these are true.
Answer: D
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Use the data in the table below to answer the following question.PriceQuantity Demanded$201218171620142412301036840644448Over which price range is the demand inelastic?
A. $14-$12 B. $18-$16 C. $8-$6 D. $20-$18
Most empirical studies show that the cost-savings provided by managed care are accomplished by
a. better preventive care. b. reducing the rate of hospitalization. c. denying access to costly specialty care. d. switching to generic drugs. e. all of the above.
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
According to the graph shown, if this were depicting an autarky, the amount being sold domestically is:
A. 115. B. 90. C. 60. D. 160.
The Coase theorem asserts that, if externalities are present and if private parties can bargain over the allocation of resources at no cost, then
a. the private market will reach an equilibrium in which resources are allocated inefficiently. b. the private market will reach an equilibrium in which resources are allocated efficiently. c. the private market cannot reach an equilibrium. d. a mixture of corrective taxes and subsidies is necessary for a socially optimal equilibrium.