In a perfectly competitive market price takers exist because there are:
A. few sellers and many buyers.
B. few buyers and many sellers.
C. many buyers and sellers.
D. few sellers and buyers.
C. many buyers and sellers.
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Expansionary fiscal policy uses ________ government spending and ________ taxes to increase aggregate economic activity
A) lower; lower B) higher; lower C) higher; higher D) lower; higher
Wealth consists ultimately of
A) gold. B) land. C) money. D) whatever people value.
Which of the following is a partially valid economic argument for restricting free trade?
a. Restrictions on foreign trade will increase employment and permanently reduce unemployment. b. Removal of restrictions that have existed for years will initially cause inflation. c. Infant industries need permanent protection to develop and gain productive efficiency. d. A nation needs to protect industries that are vital to national defense in case of future international conflict.
The unemployment rate equals the percentage of the adult population that is unemployed
a. True b. False Indicate whether the statement is true or false