In small towns where there are two grocery stores, the market form is
A. oligopoly.
B. monopoly.
C. perfect competition.
D. monopolistic competition.
Answer: A
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If the consumption function is expressed as C = a + mpc × YD, then "mpc" represents
A) autonomous consumer expenditure. B) the marginal propensity to consume. C) the expenditure multiplier. D) disposable income.
Many savers are willing to accept a lower interest rate on municipal bonds than on comparable instruments because
A) the after-tax yield on municipal bonds is greater. B) municipal bonds invariably have lower default risk. C) municipal bonds are more liquid than most other instruments. D) the yield on municipal bonds is considered inflation proof.
Describe the vicious circle of poverty. What are the consequences of this cycle?
If workers underestimate inflation, the aggregate supply curve will tend to be
a. upward sloping. b. downward sloping. c. vertical. d. horizontal.