Buying a product in one market and selling it in another is called
A) competition.
B) arbitrage.
C) efficiency.
D) comparative advantage.
B
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The activists believe that
A) the time required for flexible prices to bring the economy back to the natural rate of unemployment is relatively short. B) the IS curve is relatively flat because of the broad range of assets whose demand is very sensitive to changes in the interest rate. C) the time required for flexible prices to return the economy to the natural level of real GDP is intolerably long. D) the severity of the Great Depression was primarily related to the large decline in the supply of money.
Consumer surplus increases when the market price of a commodity declines
Indicate whether the statement is true or false
What does GDP measure to avoid double-counting?
a. final goods and services b. intermediate goods and services c. net exports d. all sales of goods and services
What is the effect of important restrictions on prices?
a) they cause prices to drop b) they cause prices to rise c) they often cause prices to rise steeply and then drop d) they usually do not have any lasting effect on price