In the perfectly competitive market, all firms in the market are assumed to be producing:
A. identical products.
B. differentiated products.
C. products that are heavily advertised.
D. complementary products.
Answer: A
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The number of people that are fired in a month is
A) a stock. B) a flow. C) both a stock and a flow. D) neither a stock nor a flow.
A decrease in the supply of dollars to holders of Mexican pesos would cause the:
a. equilibrium quantity of dollars to decrease. b. equilibrium quantity of dollars to increase. c. equilibrium quantity to remain unchanged. d. all of these.
Suppose the economy is at an equilibrium when C + I + G + X = $12 trillion. If the economy is currently at a real Gross Domestic Product (GDP) level of $13 trillion, then total planned real expenditures
A. are equal to real Gross Domestic Product (GDP), and there will be no change in real Gross Domestic Product (GDP). B. are less than real Gross Domestic Product (GDP), and real Gross Domestic Product (GDP) will increase. C. exceed real Gross Domestic Product (GDP), and real Gross Domestic Product (GDP) will increase. D. are less than real Gross Domestic Product (GDP), and real Gross Domestic Product (GDP) will decline.
For barter to occur there has to be
A. a single coincidence of wants. B. a commodity to serve as a medium of exchange. C. a double coincidence of wants. D. a formal market where prices are quoted.