The price of a good will rise when:
a. there is a shortage of the good. b. there is a surplus of the good.
c. demand for the good decreases. d. the supply of the good increases.
a
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When the CPI increases from one year to the next:
A. the cost of living has decreased. B. deflation has occurred. C. people need to spend more money to buy the same amount of goods as the previous year. D. All of these statements are true.
The average percentage markup in the economy
a. is of special interest in microeconomics b. fluctuates greatly from year to year c. depends on competitive conditions in the economy d. depends on the level of GDP e. increases as the interest rate increases
A production function specifies the relation between ____________ and the ___________ to ____________________
A) technology; output; Real GDP B) technology; the factor inputs; Real GDP C) price; quantity; Real GDP D) Real GDP; the factor inputs; the price level
In many cities in the United States, a single firm provides electricity. Those firms are:
A. perfect competitors. B. oligopolists. C. monopolists. D. monopolistic competitors.