Market demand is determined by all of the following except
A. Expectations about future income.
B. The number of potential sellers.
C. Income.
D. Tastes.
Answer: B
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________ economists believe that the economy is self-regulating and will be at full employment as long as monetary policy is not erratic
A) Keynesian B) Monetarist C) Classical D) All
Refer to the information above. What is the equilibrium level of GDP?
A) 300 B) 400 C) 450 D) 525
The problem of lags suggests that monetary policy should
A) respond swiftly to statistical reports of economic conditions in the recent past. B) respond to conditions expected to exist in the future. C) stagger its implementation of policies so that there will be an ongoing effect on the economy. D) not respond to changing economic conditions in the economy but instead rely on the economy's self correcting mechanism.
Price leadership is a method by which oligopolies can
A. Encourage competition. B. Illegally raise prices. C. Maintain the "kink" in their demand curves. D. Increase prices without explicit price-fixing.