The U.S. economy of the mid 1980s through 2007 is typically referred to as ________
A) "The Great Depression"
B) "The Great Inflation"
C) "The Great Moderation"
D) all of the above
E) none of the above
C
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Price = MR only if the price is fixed
Indicate whether the statement is true or false
Most economists agree that exclusive reliance on direct controls
A. is more advantageous than voluntarism and emissions taxes. B. has been accepted by most polluting firms. C. is cheaper than any other enforcement mechanism. D. will penalize firms that can be more efficient using other controls.
Key idea of the aggregate expenditure model is that in any particular year, the level of GDP is determined mainly by
What will be an ideal response?
Which of the following increases the speed at which a cartel's power erodes?
A. The share of the cartel in the world market increases. B. The price elasticity of competing supplies decreases. C. The cartel agreement is more stringent in imposing penalties on the members who cheat. D. The product's price elasticity of demand increases.