The field of macroeconomics developed when economists looked for causes of:
A. the wealth of nations.
B. the Great Depression
C. poverty and inflation.
D. World War I.
Answer: B
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When the government prohibits certain kinds of market behavior such as monopoly and monopolistic practices it generally does so through
A) regulatory agencies such as the Interstate Commerce Commission or the Federal Communications Commission. B) antitrust law. C) the police powers of the states. D) use of the capture theory of regulation.
The Endangered Species Act
a. weakened the property rights of landowners. b. encourages landowners to find new ways to provide habitat for listed species. c. provides compensation to landowners affected by the law. d. has not benefited any of the species protected under the act.
When prisoners use cigarettes or some other good as money, cigarettes become
a. commodity money, but do not function as a unit of account. b. commodity money and function as a unit of account. c. fiat money, but do not function as a unit of account. d. fiat money and function as a unit of account.
Compared with a monopolist, the demand curve faced by a monopolistically competitive firm is
A) more elastic. B) more inelastic. C) perfectly elastic. D) perfectly inelastic.