An example of a modern democratic government commandeering resources is
a. the military draft
b. government subsidizing agriculture
c. government engaging in transfer payments
d. government food stamps
e. government tax refunds
A
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How does the natural rate hypothesis relate to the AS-AD model?
What will be an ideal response?
In a perfectly competitive market:
A) the long-run market price is equal to the average fixed cost of the industry. B) the long-run market price is less than the minimum average cost of the industry. C) the long-run market price is more than the minimum average cost of the industry because of free entry and exit of firms. D) the long-run market price is equal to the minimum average cost of the industry because of free entry and exit of firms.
If the bank is selling euros for $0.74, then what is the implied euro price of the dollar?
A) 1.35 € B) 1.74 € C) 2.48 € D) None of these values are correct.
The fact that a monopoly has to take the shapes of marginal cost AND marginal revenue into account when making decisions is reflected in the fact that
A) monopolies don't have a supply curve. B) monopolies don't have a demand curve. C) monopolies have the same supply curve as perfectly competitive firms. D) monopolies maximize profit.