A firm that can sell as much as it can produce at the market price is likely operating in:
A. a perfectly competitive market.
B. a monopoly.
C. a monopolistically competitive market.
D. an oligopoly.
Answer: A
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An open economy produces most of the goods and services that it needs, with few imports and exports.
Answer the following statement true (T) or false (F)
If prices have decreased since the base period, then
A) real GDP is smaller than nominal GDP. B) real GDP is larger than nominal GDP. C) real GDP is equal to nominal GDP. D) there is no way to adjust nominal GDP so that it equals real GDP. E) real GDP can no longer be compared to nominal GDP.
The figure above shows the market for milk. If 250 gallons of milk a day are available, the ________ price that consumers are willing to pay for the last gallon is ________
A) maximum; $2.50 B) minimum; $2.50 C) maximum; $3.25 D) minimum; $3.25
New classical economics
a. resulted from the high inflation and unemployment of the 1970s. b. developed in an era of high inflation and unemployment during the 1970s. c. resulted from the dissatisfaction associated with the prevailing Keynesian orthodoxy. d. Both b and c. e. all of the above.