Based on the table above, equilibrium real GDP is
A) $6 trillion. B) $7 trillion. C) $9 trillion. D) $8 trillion. E) $10 trillion.
B
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Which of the following is an example of a monetary policy?
A) The federal government increases income tax rates on people earning more than $250,000. B) The duration of unemployment benefits is extended to 99 weeks. C) The Federal Reserve increases interest rates. D) Congress authorizes a cut in spending on education.
data show that among the firms that produce bananas, dole has 26% of sales, del monte has 14% of sales, fyffes has 8% of sales and nabob has 5% of sales. all other firms has the rest of sales. this information suggests that:
a) firms in the industry are "price takers" b) the firms in the industry are likely to engage in strategic behaviors and interaction c) the banana industry has a strong oligopoly d) the industry wold be described as monopolistic competitive e) b and c likely to occur
Economists assume that when there is a change in supply and/or demand, the market clearing price returns to the equilibrium
A) quickly. B) slowly. C) after a protracted negotiation process. D) after an adjustment period.
Suppose a firm in each of the two markets listed below were to increase its price by 15 percent. In which pair would the firm in the first market listed experience a dramatic decline in sales, but the firm in the second market listed would not?
a. cotton and soybeans b. gasoline and corn c. #2 lead pencils and college textbooks d. electricity and cable television