What impact did the National Industrial Recovery Act (NIRA) of 1933 have on industrial output?
a. Industrial output had been declining, but it stabilized during the months following passage of the NIRA.
b. Industrial output increased sharply after the passage of the NIRA.
c. Industrial output had begun to increase, but it fell sharply following the passage of the NIRA.
d. Industrial output and employment declined during the months prior to passage of the NIRA, and the legislation was unable to stop the decline.
C
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Which of the following is a feature of a perfectly competitive market?
A) There is only one seller of a commodity. B) The government rations commodities. C) Commodities are auctioned to the highest bidder. D) Each seller is too small to influence the market price.
The economy's marginal social benefit curve for a public good is equal to the ________
A) horizontal sum of the individual demand curves B) vertical sum of the individual marginal benefit curves C) horizontal sum of the individual marginal benefit curves D) vertical sum of the individual supply curves
How does the idea of efficient markets influence the long-run market adjustment mechanism?
What will be an ideal response?
A perfectly inelastic demand curve is
a. a vertical straight line b. a horizontal straight line c. a downward-sloping straight line d. an upward-sloping straight line e. not a straight line