Which of the following are characteristics of a linear demand curve?
A. It has a constant slope.
B. It has a constant elasticity of demand.
C. The upper half of the liner demand curve is inelastic.
D. All of these
Answer: A
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Which of the following have to be in equilibrium for the economy to be in equilibrium?
A) the money market only B) the goods market only C) the output and asset markets D) the savings and investment markets E) the goods and output markets
In a market economy, income is primarily determined by
a. the productivity of household resources b. the level of transfer payments c. government monetary and fiscal policy d. the geographic distribution of resources e. the amount of financial assets owned by households
Cyclical unemployment arises when: a. business activity in the macroeconomy declines
b. the business cycle enters an expansionary phase. c. labor unions strike for higher wages. d. the agriculture sector completes the cycle of planting, cultivating, and harvesting the nation's food supply.
________ is the ability of an individual, a firm, or a country to produce a good or service at a lower opportunity cost than competitors
A) Absolute advantage B) Specialization C) Autarky D) Comparative advantage