Refer to Figure 3-4. At a price of $20, how many units will be sold?
A) 400 B) 500 C) 600 D) 800
C
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In the Great Depression of the 1930s, the unemployment rate in the U.S. climbed to what percentage?
A) 5 B) 10 C) 15 D) 20 E) 25
The evolution of macroeconomic theory
A) usually precedes and causes major macroeconomic events. B) usually is in reaction to major macroeconomic events. C) is evenly divided between causing and reacting to major macroeconomic events. D) proceeds rather independently of major macroeconomic events.
To maximize profit in the long run, a firm must
a. charge the highest price possible b. produce where demand is unit elastic c. sell the most output possible d. minimize the cost of producing any given amount of output e. produce at minimum long-run total cost
A price ceiling in a perfectly competitive market
a. creates more harm for sellers than gain for buyers b. creates more harm for buyers than gain for sellers c. is effective only it if is set above the equilibrium price d. can turn an inefficient outcome into an efficient outcome e. is a Pareto improvement