Economists who believe that market concentration is not harmful to a country's economic well being
a. favor laissez-faire government policies
b. think that markets should be regulated
c. think that the government should own those monopolies
d. like the idea of price controls
e. are nonexistent
A
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Price elasticity of demand is a numerical measure of how much quantity demanded rises as price falls or quantity demanded falls as price rises
a. True b. False Indicate whether the statement is true or false
Which of the following claims concerning the importance of effects that explain the slope of the U.S. aggregate-demand curve is correct?
a. The exchange-rate effect is relatively small because exports and imports are a small part of real GDP. b. The interest-rate effect is relatively small because investment spending is not very responsive to interest rate changes. c. The wealth effect is relatively large because money holdings are a significant portion of most households' wealth. d. None of the above is correct.
State whether each condition is consistent with profit maximization or if production should increase or decrease.
When the rental price of capital is above the equilibrium price ________
A) we have an excess supply of capital and the rental price should fall B) we have an excess demand of capital and the rental price should fall C) we have an excess supply of capital and the rental price should increase D) we have an excess demand of capital and the rental price should increase E) none of the above