A market in which resources are traded is known as a(n)
a. factor market
b. perfectly competitive market
c. open market
d. closed market
e. equilibrium market
A
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According to the textbook application, hybrid vehicles
a. were introduced to the mass market by Honda and Toyota b. use an electric motor for start-up and low speeds and a small conventional motor for normal speeds c. generate reduced emissions and provide high fuel efficiency d. all of the above e. none of the above
In response to a temporary change in total factor productivity, the adoption of capital controls under a fixed exchange rate
A) amplifies the effect of this disturbance on both domestic output and the domestic nominal money supply. B) amplifies the effect of this disturbance on domestic output and dampens the effect on the domestic nominal money supply. C) dampens the effect of this disturbance on domestic output and amplifies the effect on domestic nominal money supply. D) dampens the effect of this disturbance on both domestic output and the domestic nominal money supply.
Two goods are considered substitutes only if a(n):
a. decrease in the demand for one leads to a decrease in the supply of the other. b. increase in the demand for one leads to a decrease in the supply of the other. c. increase in the price of one leads to an increase in the demand for the other. d. decrease in the price of one leads to an increase in the demand for the other. e. decrease in the supply of one leads producers to switch to production of the other.
Which of the following is an example of a good with a highly elastic supply curve?
a. luxury goods b. tropical vacations c. pizza d. sports vehicles