Production becomes more efficient if a common property is turned into a private property
a. True
b. False
Indicate whether the statement is true or false
True
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Open market operations refer to the Fed's transactions with ________
A) households B) private banks C) state governments D) firms
Some argue that the best response to monopolies is no response at all, because:
A. they are too powerful to be dealt with effectively. B. no one can ever decide which monopolies to regulate. C. the creation of regulation may be too difficult. D. left unchecked, all monopolies eventually shut down.
If the national output cannot be increased unless the productive capacity or potential GDP increases, the aggregate supply curve is:
a. downward-sloping. b. U-shaped. c. vertical. d. upward-sloping. e. horizontal.
If labor supply is perfectly inelastic, the imposition of a payroll tax legislated to be paid by firms will do all of the following except
A. reduce the wage rate by exactly the amount of the tax. B. generate tax revenue paid to the government. C. leave employment levels unchanged. D. reduce total output. E. leave firm profits unchanged.