The New Deal was
A. legislation passed by the Roosevelt administration.
B. the cornerstone of the Kennedy administration.
C. a government agency that regulated auto dealerships.
D. the name of a television game show in the 1930s.
Answer: A
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If a firm in a perfectly competitive market is producing at a level of output where marginal costs exceed marginal revenue, its profits:
A. must be negative. B. are maximized. C. will increase if it produces less. D. cannot be determined.
Which of the following labor demand curves will be the least elastic?
A. The long-run demand for labor for an elastic product B. The short-run demand for labor of a firm with L-shaped Isoquants C. The short-run demand for labor for an inelastic product D. The long-run demand for labor for an inelastic product
Low Bar Steel factory produces runoff that affects the water supply in one way or another for more than 100,000 households and businesses. Why would it be impractical for the Coase theorem to apply to a workable solution in this case?
a. Potential benefits outweigh the costs. b. There is no externality. c. There are too many transactors. d. Property rights are clearly defined.
Suppose the economy is initially in the steady state. A reduction in the depreciation rate (?) will cause
A) an increase in K/N. B) an increase in Y/N. C) an increase in C/N. D) all of the above E) none of the above