Cartels are legal in the United States
a. True
b. False
Indicate whether the statement is true or false
False
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If we are currently at point T, we can get to point S in the long run
A. through economic growth over a period of years.
B. immediately by using resources more efficiently.
C. immediately by reducing the unemployment rate.
D. immediately through technological development.
Assume equilibrium real GDP per year is equal to full-employment real GDP. Which of the following will cause a recessionary gap?
A) a discovery of a new raw material B) a reduction in aggregate demand C) a temporary reduction in the price of oil D) an increase in aggregate demand
Use the above table. What will the tax be when external costs are internalized?
A) $14 B) $13 C) $12.20 D) $1.80
The principle that the opportunity cost increases as the production of one output expands is the:
a. law of demand. b. law of increasing opportunity costs. c. law of increasing returns to scale. d. law of supply.