Suppose you were to believe that "money illusion" exists that is as prices and incomes both rise proportionally, people buy more. Which of the following characteristics of demand does that cause you to doubt?
a. demand functions are downward sloping
b. demand has a positive vertical intercept
c. demand has a positive horizontal intercept.
d. demand functions are homogeneous of degree zero.
d
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In an oligopolistic market,:
A. the larger the number of firms and the more elastic the demand, the greater the markup. B. the larger the number of firms and the less elastic the demand, the greater the markup. C. the smaller the number of firms and the less elastic the demand, the greater the markup. D. the smaller the number of firms and the more elastic the demand, the greater the markup.
To decrease the money supply, the Fed purchases government securities, which decreases government spending
a. True b. False Indicate whether the statement is true or false
If the executives of the U.S. silicon-chip industry lobby Congress for protection from imports on the grounds that theirs is a new industry that needs time to develop technological efficiency, they are using the:
A) environmental standards argument. B) infant industry argument. C) cheap foreign labor argument. D) national security argument.
Many times, technology is ________the equipment a company buys.
A. a substitute for B. not present in C. produced by D. embodied in