Lines at gas pumps were caused by _____________ in the 1970's.
A. price floors
B. price ceilings
C. market equilibrium
D. increased demand
B. price ceilings
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Which of the following is a limitation of using arithmetic averages to calculate growth rates?
A) Arithmetic averages do not capture the exponential nature of growth and thus are not apt for long-run prediction. B) Arithmetic averages cannot be used in case of negative growth. C) Arithmetic averages are difficult to calculate. D) The calculation of growth using arithmetic averages requires more data than other methods.
Consider a two-input production function, one of which is increasing while the other is fixed. At the point of diminishing returns, output will
A) increase at an increasing rate. B) decrease at a decreasing rate. C) decrease at an increasing rate. D) increase at a decreasing rate.
In practice, one of the principal problems with aggregate demand management is that
A) changes in aggregate demand do not affect output. B) changes in aggregate demand cannot reduce unemployment. C) changes in aggregate demand are highly inflationary. D) stabilization policies could increase aggregate demand too much and at the wrong times.
Competing broadcasting networks are motivated to choose socially optimal programs
Indicate whether the statement is true or false