The consumption function is a graphical representation of the relationship between _____
a. real gross domestic product and aggregate expenditure
b. nominal gross domestic product and consumer expectations about future prices
c. nominal gross domestic product and the rate of inflation
d. gross national product and the exchange rate
a
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In which antitrust case did the Supreme Court begin to apply the per se rule to determine whether a firm was in violation of the Sherman Antitrust Act?
a. The Standard Oil case. b. The Alcoa case. c. The IBM case. d. The MIT case.
What type of economic analysis is limited to testable, verifiable statements?
a. Macroeconomics. b. Entrepreneurial economics. c. Positive economics. d. Normative economics.
Which of the following does not contribute to an institutional structure that promotes economic growth?
A. A pro-business environment. B. Well-defined property rights. C. Entrepreneurial incentives. D. Policy uncertainty.
A firm that faces a downward sloping demand curve is
A) a price taker. B) a price provider. C) a price searcher. D) a price creator.