An essential characteristic of a perfectly competitive market is:
A. buyers and sellers share market power.
B. sellers are price makers.
C. goods are standardized.
D. goods are unique.
C. goods are standardized.
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The demand curve shows a(n) ________ relationship between price and quantity and is therefore ________ sloping
A) direct; downward B) direct; upward C) inverse; downward D) inverse; upward
The division of labor and specialization explain
A) why the average product of labor falls when firms use more capital or change the layout of their businesses. B) why, when the marginal product of labor increases, so does the average product of labor. C) why the marginal product of labor rises as a firm hires its first units of labor. D) why firms may find it profitable to use more workers when the marginal product of labor is negative.
Based on the simple spending multiplier, which of the following will increase real GDP?
a. Decreased government spending b. Increased business taxes c. Increased investment spending d. Decreased consumption spending
Time value of money refers to the idea that a specific amount of money:
A. Can be converted into other currencies in the foreign exchange market B. Is needed to purchase goods and services C. Is more valuable the sooner it is received D. Can buy less goods and services if inflation occurs over time