For a monopolistically competitive firm, the firm's demand curve is:
A. downward sloping.
B. horizontal.
C. upward sloping.
D. None of these
Answer: A
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An economist is unlikely to be hired to do research about the following?
A. Oil prices. B. Election outcomes C. Interest rate D. Inflation rates E. Unemployment
When a banker records how many dollars each of his borrowers owes the bank, money is serving as a
A. store of value. B. medium of exchange. C. legal tender. D. unit of account.
The ________ describes the relationship between the amount of labor employed and real GDP
A) production function B) production possibilities frontier C) Lucas Wedge D) inflation rate E) Okun Gap
If a consumer prefers apples to bananas and prefers bananas to citrus fruit, in order to satisfy assumptions about preferences she has to prefer
A) bananas to apples. B) citrus fruit to bananas. C) apples to citrus fruit. D) citrus fruit to apples.