According to the ________, as long as property rights are clearly defined, two agents can always bargain to reach the efficient outcome
A) Coase theorem
B) Ricardian theory on rent
C) revenue-equivalence theorem
D) envelope theorem
A
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If the national incomes of our trading partners increase, then our aggregate demand ________.
A. decreases because consumption decreases B. increases because net exports increase C. decreases because net exports decrease D. increases because consumption increases
Which of the following is part of the market structure for monopolistic competition?
A) barriers to entry B) a large number of firms compete C) each firm produces a differentiated product D) Both answers B and C are correct.
The multiplier effect following an increase in expenditure is generated by induced increases in consumption expenditure as income rises
Indicate whether the statement is true or false
The "rules of the game" under the gold standard can best be described as which of the following:
A) selling domestic assets in a deficit and buying assets in a surplus. B) slowing down the automatic adjustments processes inherent in the gold standard. C) selling domestic assets in order to accumulate gold. D) selling foreign assets in a deficit and buying foreign assets in a surplus. E) selling domestic assets in a surplus.