Defining the "relevant market" involves looking at two components. They are
A. the goods market and the services market.
B. the competitive market and the dominant market.
C. the local market and the national market.
D. the geographic market and the product market.
Answer: D
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A perfect-price-discriminating equilibrium maximizes
A) consumer surplus. B) the associated deadweight loss. C) the market inefficiency. D) total welfare.
According to the theory of rational expectations, the economy always remains at the natural rate of unemployment, irrespective of policy changes
a. True b. False Indicate whether the statement is true or false
Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
Consider a two-country, two-commodity model. The table below shows the units of Good X and Good Y produced in Country A and Country B per labor hour. Country B has an absolute advantage in the production of ProductivityCountry ACountry BGood X1.000.50Good Y0.200.70
A. only Good X. B. neither Good X nor Good Y. C. only Good Y. D. both Good X and Good Y.