The collapse of communism in eastern Europe after 1989 created a major shift in the world and led to what is known as the
a. global war on terror.
b. free market society.
c. rise in multipolarity.
d. third wave of democratization.
d. third wave of democratization.
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What's true about both the short-run and long-run in terms of production and cost analysis?
a. In the short-run, one or more of the resources are fixed b. In the long-run, all the factors are variable c. The time horizon determines whether or not an input variable is fixed or not d. The law of diminishing returns is based in part on some factors of production being fixed, as they are in the short run. e. All of the above
Which of the following holds true in a market when the invisible hand functions properly?
a. MC = MU = P b. P = MRS c. P = MC but not P = MU d. P = MU but not P = MC
Gross domestic product is the:
a. total market value of the final goods and services produced by an economy during a specific period of time. b. total value of all the goods and services produced in an economy plus the value of the goods and services imported minus the value of the goods and services exported. c. total market value of all final goods and services produced by the factors of production of an economy during a given time period minus depreciation. d. total quantity of all goods and services produced in an economy during a specific period of time.
When the price level falls
a. the interest rate rises, so the quantity of goods and services demand rises. b. the interest rate rises, so the quantity of goods and services demand falls. c. the interest rate falls, so the quantity of goods and services demand rises. d. the interest rate falls, so the quantity of goods and services demand falls.