Economic activity around the world is mainly organized by
A. market transactions.
B. informal arrangements.
C. family connections.
D. Internet connections.
Ans: A. market transactions.
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Consider a good whose consumption takes place publicly. Your decision to buy that good depends
A) both on the characteristics of the product and on how many other people are buying the good. B) only on the price of the good. C) only on how many other people buy the good. D) only on the characteristics of the good.
In a perfectly competitive market:
A. there are a few buyers. B.there is a cartel. C. no single buyer or seller can significantly affect the market price. D.there is a single seller.
In Figure 4.2, the reason that the increase in output from point A to B is much less than the increase in output from point B to C is that 
A. it is very difficult and very expensive to increase output once the capacity of the machinery has been reached. B. it always costs more money to increase output. C. small levels of production are often inefficient and that significant increases in production can occur thereafter at only a small additional cost. D. there is waste.
With what type of recession should discretionary fiscal policy be used with caution?
a. any recession b. smaller recessions c. larger recessions d. long recessions