In practice, oligopolistic markets are:
A. fairly common.
B. very rare.
C. forbidden by the government.
D. usually protected by the government.
A. fairly common.
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The debt burden in the United States was highest during
A) the 1980s. B) the 1960s. C) World War II. D) World War I.
One reason the Federal Reserve System was set up was to
a. increase the safety of the U.S. banking system. b. provide the United States with a more flexible supply of currency. c. provide banking services for the federal government. d. do all of these.
Refer to the graph shown. Suppose the economy is initially at A but then the Fed adopts a contractionary monetary policy. Using the standard AS/AD model reasoning, this policy will cause the economy to move to:
A. B in the short run and the long run. B. C in the short run and A in the long run. C. C in the short run and E in the long run. D. A in the short run and the long run.
Figure 16.3Figure 16.3 depicts a market for electricity. S1 is the supply curve without the external costs. S2 is the supply curve with the $T tax. Assume electricity production incurs external costs. If the government imposes a pollution tax, the price of a mega-watt of electricity will increase by:
A. PA - PB. B. PA - PC. C. PB - PC. D. 1/2 (PA - PC).