During which of the following periods was the price level most unstable?
a. 1960–1965
b. 1970–1975
c. 1990–1995
d. 2000–2005
b. 1970–1975
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Assume that a monopolist practices perfect price discrimination. The firm will produce an output rate
A) that is greater than the efficient level of output. B) that is less than the efficient level of output. C) that is equal to the efficient level of output. D) that converts consumers surplus into a deadweight loss.
Which of the following actions may be explained by the law of small numbers?
A) People buy lottery tickets. B) People buy air travel insurance. C) People purchase extended or long-term warranties or maintenance contracts for new automobiles and appliances. D) all of the above
Suppose the official unemployment rate is 10 percent. We can conclude without question that:
a. the same 10 percent of the people in the economy were out of work for the entire ear. b. one of every 10 people in the civilian labor force is currently unemployed. c. the same 10 percent of the people in the civilian labor force were out of work for the entire year. d. every person in the civilian labor force was out of work for 10 percent of the year. e. 10 percent of the people in the economy were out of work for 10 percent of the year.
A fixed exchange rate can be maintained by a government as long as it has sufficient
a. supplies of its own currency. b. foreign reserves. c. gold and other precious metals. d. tax revenues.