A document demonstrating ownership interest in a company is called a
a. contract
b. bond
c. stock
d. lien
e. none of these
c. stock
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Which of the following is the equation of exchange?
a. M – V = P – Q b. M + V = P – Q c. M ÷ V = P x Q d. M x V = P x Q
Refer to the diagrams for two separate product markets. Assume that society's optimal level of output in each market is Q 0 and that government purposely shifts the market supply curve from S to S 1 in diagram (a) on the left and from S to S 2 in
diagram (b) on the right. We can conclude that the government is correcting for:
A. negative externalities in diagram (a) and positive externalities in diagram (b).
B. positive externalities in diagram (a) and negative externalities in diagram (b).
C. negative externalities in both diagrams.
D. positive externalities in both diagrams.
Short-run fluctuations in output and employment are referred to as
A. Economic growth B. Business cycles C. Inventory cycles D. Recession and inflation
A price elasticity of demand for a good or service of 1.8 tells us that:
A. the price rises by 1.8 percent when quantity demanded falls by 1 percent. B. quantity demanded falls by 1.8 percent when price rises by 1 percent. C. quantity demanded falls by 1.8 units when price changes by $1. D. the price changes by $1.80 when quantity changes by 1 unit.