The demand curve facing the monopolistically competitive firm is:
A. flat.
B. vertical.
C. U-shaped.
D. None of these statements is true.
D. None of these statements is true.
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For a commodity or token to be money it must
A) be accepted in exchange for all other goods and services. B) have a double coincidence of wants. C) be backed by government precious metals, like gold. D) be paper. E) be issued by the government or a government agency.
"Unemployment increased in the last month to its highest level in the past ten years." This quote would be an example of:
a. A normative economic statement b. A positive economic statement c. The fallacy of composition d. Post hoc, ergo propter hoc fallacy
Because increases in inflation reduce planned spending and short-run equilibrium output:
A. the short-run aggregate supply line is downward sloping. B. the aggregate demand curve is horizontal. C. the aggregate demand curve is upward sloping. D. the aggregate demand curve is downward sloping.
The Pre-Existing Condition Insurance Plan is a federally administered part of the Affordable Care Act, and is designed for people with pre-existing medical conditions to obtain insurance. By offering health insurance to all U.S
citizens with pre-existing medical conditions, the Pre-Existing Condition Insurance Plan eliminates ________ for both the insurer and the insured, and eliminates ________ for the issuer of the insurance policy. A) the principal-agent problem; moral hazard B) adverse selection; the principal-agent problem C) asymmetric information; adverse selection D) moral hazard; adverse selection