Tickets for the Super Bowl are an example of supply that is
A) perfectly elastic.
B) unit elastic.
C) slightly inelastic.
D) perfectly inelastic.
Answer: D
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If Japan could produce more steel in a year than the United States using the same amount of resources, then
a. Japan must have an absolute advantage in producing steel b. the United States must have a comparative advantage in producing steel c. Japan must have a comparative advantage in producing steel d. neither the United States nor Japan will have a comparative advantage in producing steel e. there would be no gains from specialization
When entry barriers are low, firms in a competitive price-searcher market
a. can expect many new rivals to enter regardless of current profitability. b. can expect competing firms to enter the market if the activity is profitable. c. can never earn economic profit. d. will always be able to earn economic profit.
"Net exports" rather than "exports" are included in demand/expenditures, because:
a. Actually, exports are included and not net exports because only exports are a source of demand. b. Imports are counted in personal consumption expenditures. Therefore, net exports instead of just exports are included in aggregate demand. c. Imported goods and services are a part of personal consumption, gross private domestic Investment, and government spending. Therefore, net exports instead of just exports are included in demand. d. Neither exports nor net exports is included in aggregate demand. e. None of the above.
Some experts have argued that the Fed contributed to the housing bubble by:
A. lowering interest rates, despite the fact that the Taylor rule indicated keeping them high. B. approving the purchase of high-risk assets by banks, even though there was a risk of them defaulting. C. not regulating non bank financial institutions who were coming up with innovative mortgages. D. following the Taylor Rule, which during the 2000s indicated that rates should be kept low.