Which of the following statement is FALSE?
A. A market may be composed of only one buyer and one seller.
B. Perfectly competitive markets are composed of many buyers and sellers.
C. Some markets may have only a few sellers but exhibit the properties of perfect competition.
D. All of the above statements are correct.
D. All of the above statements are correct.
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The open economy effect refers to the fact that
A) the position and shape of the long run aggregate supply curve is partially due to the fact that we import goods. B) the slope of the aggregate demand curve is partially explained by the reduction in the desire to buy fewer U.S. goods by U.S. residents and foreign residents as a result of a higher price level. C) the immigration policies of the United States are disruptive to labor markets. D) the aggregate supply curve shifts when the economy grows.
The aggregate expenditure model predicts a business cycle expansion occurs when
A) the aggregate planned expenditure curve shifts downward. B) aggregate supply increases. C) induced expenditure decreases. D) autonomous expenditure increases. E) potential GDP increases.
A linear downward-sloping demand curve has price elasticities (in absolute values) that
A) remain constant along the demand curve. B) decrease as price decreases. C) increase as price decreases. D) are greater than or equal to 1.
Which of the following is true of regulation?
What will be an ideal response?