Referring to Figure 19.2, a depreciation of the dollar is represented by a movement from point
A) a to c. B) c to a. C) c to d. D) b to a.
A
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Monopolies arise when there are
A) many substitutes but there are no barriers to entry. B) no close substitutes and there are no barriers to entry. C) no close substitutes and there are barriers to entry. D) many substitutes and there barriers to entry. E) None of the above answers are correct because the existence of a monopoly has nothing to do with the presence or absence of barriers to entry.
To say that a price ceiling is binding is to say that the price ceiling
a. results in a surplus. b. is set above the equilibrium price. c. causes quantity demanded to exceed quantity supplied. d. All of the above are correct.
Which of the following is most consistent with a market economy?
A.) Shortages. B.) Central planners. C.) Government directives. D.) Laissez faire.
Micro and macro failures of the marketplace never justify government intervention.
Answer the following statement true (T) or false (F)