Which term is synonymous with a perfectly competitive firm?
a. Price taker
b. Oligopoly
c. Private enterprise
d. Monopoly
a. Price taker
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A horizontal demand curve indicates perfectly elastic demand
a. True b. False Indicate whether the statement is true or false
John Maynard Keynes believed that the equilibrium level of national income is primarily determined by aggregate expenditures
Indicate whether the statement is true or false
Crowding out occurs when
a. increased taxes force higher levels of national saving. b. deficit spending by the government forces private investment spending to contract. c. local businesses cannot get government contracts because of the higher bids of large corporations. d. foreign investors are willing to pay higher prices for U.S. bonds than American citizens will pay.
An increase in the unemployment rate would be shown on a production possibilities curve by
A. shifting the entire curve outward. B. shifting the entire curve inward. C. moving from a point on or near the curve to a point closer to the origin, rather than shifting the entire curve. D. moving from a point inside the curve to a point on the curve, rather than shifting the entire curve.