If a firm is a price taker, then the demand curve for the firm's product is:
A. perfectly elastic.
B. unit elastic.
C. equal to the total revenue curve.
D. perfectly inelastic.
Answer: A
Economics
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The official term of office of the chairman of the Fed is
a. 2 years. b. 4 years. c. 7 years. d. 14 years.
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The self-correcting tendency of the economy means that falling inflation eventually eliminates:
A. unemployment. B. expansionary gaps. C. recessionary gaps. D. exogenous spending.
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Refer to the graph below with three demand curves. An "increase in quantity demanded" would be illustrated by a change from:
A. Point 4 to point 6
B. Point 5 to point 1
C. Point 4 to point 1
D. Point 2 to point 5
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The income-expenditure identity says that
A. Y = C + I + G + NX + CA. B. Y = C + S + T. C. Y = C + I + G. D. Y = C + I + G + NX.
Economics