Among the key ingredients that propelled the American economy to emerge as the leading industrial power by the beginning of World War I were
A. the world's first universal public education system.
B. a large agricultural surplus.
C. entrepreneurial abilities of great industrialists.
D. all of the choices are true.
D. all of the choices are true.
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Suppose the economy is operating below potential output. If policy makers try to avoid a budget deficit by raising taxes or reducing government spending, these actions would
A) make a recession worse. B) increase inflation. C) negate the multiplier effect. D) help pull an economy out of a depression.
Consider the same market for nonalcoholic beer as in the previous question. How many "units" of beer will Cudweiser produce?
a. 667 b. 1,667 c. 2,333 d. 3,000
According to the search model, a computerized used car search service should
a. reduce the amount of search b. not affect the amount of search c. increase price dispersion d. reduce price dispersion e. lower the marginal benefit of search
If the electronics market is experiencing a shortage in the supply of mobile phones being sold at a cost that buyers are more than willing to pay for, then: a. the selling price is higher than the equilibrium price
b. the equilibrium price is higher than the selling price. c. the quantity demanded is less than the quantity supplied. d. the shortage could be eliminated by lowering the price.