The New Deal may be summarized by the words, ___________, ____________ and ___________.
Fill in the blank(s) with the appropriate word(s).
relief; recovery; reform
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The cost of producing aspirin increases simultaneously as doctors find that one aspirin per day reduces the risk of heart attacks. The supply of aspirin ________ and the demand for aspirin ________ so that the equilibrium price of aspirin ________
A) increases; increases; rises B) decreases; increases; rises C) increases; decreases; might rise, fall, or stay the same D) decreases; increases; might rise, fall, or stay the same
The Buda Agri Corporation is the sole employer in rural Hungary. In the labor market, Buda Agri is a
A) monopolistic competitor. B) perfect competitor. C) monopsony. D) monopoly.
The loss-minimizing output for the perfectly competitive firm occurs at the point at which
A) TR - MR = minimum. B) TR - TC = maximum. C) MR = MC. D) TC - ATC = maximum.
A consequence of the economic problem of scarcity is that
A. The production of goods and services must be controlled by the government. B. Choices have to be made about how resources are used. C. The production possibilities curve is bowed outward. D. There is never too much of any good or service produced.