Competition in markets defined as platform monopolies is most likely to come from:
A. small competitors.
B. foreign firms.
C. government.
D. new technologies.
Answer: D
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In the early 2000s, car sales in China slowed because the government had been restricting credit growth. This action is consistent with the effects of:
A. contractionary monetary policy but not contractionary fiscal policy. B. contractionary fiscal or monetary policy. C. expansionary fiscal policy. D. contractionary fiscal policy but not contractionary monetary policy.
If the income elasticity for a particular good is negative, then:
A. as income increases, consumers will tend to purchase more of the good. B. the good is a luxury good. C. the good is a normal good. D. as income increases, consumers will tend to purchase less of the good.
Refer to the above figure. Which curve shows the most unequal distribution of income?
A. A B. B C. C D. D
To get the economy out of a slump, Keynes believed that the government should
A. increase both taxes and government spending. B. decrease taxes and/or increase government spending. C. increase taxes and/or decrease government spending. D. cut both taxes and government spending.