Karl Marx published:
A. Das Kapital.
B. General Theory of Communism.
C. The Wealth of Nations.
D. Capitalist Manifesto.
Answer: A
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In 1943-1945
A. there was substantial unemployment in the U.S. B. there was substantial excess plant and equipment in the U.S. C. the U.S. had not yet completed its recovery from the depression. D. the U.S. was temporarily operating at a point beyond the production possibilities frontier.
Example of structural unemployment?
A. Factory worker temporally laid off during a recession. B. Recent Graduates C. A mother chooses to stay with child instead of working. D. Unskilled worker can't get hired because the minimum wage is too high. E. A retired person living off her saving.
A firm with market power is producing a level of output at which price is $8, marginal revenue is $5, average variable cost is $6, and marginal cost is $10. In order to maximize profit, the firm should
A. increase output. B. shut down. C. keep price the same. D. increase price. E. decrease price.
In general, a policy that limits entry into a market
A. increases price, decreases quantity, and causes inefficiency in the market. B. increases the demand for the product which decreases the supply C. decreases price, increases quantity, and causes inefficiency in the market D. will stabilize a market so the there are fewer disruptions: