The hand soap industry is an example of a(n) ________ industry.
A. monopolistically competitive
B. monopolistic
C. perfectly competitive
D. oligopolistic
Answer: A
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When tax revenues exceed the government's outlays, the budget
A) has a surplus and the national debt is decreasing. B) is balanced and the national debt is decreasing. C) has a deficit and the national debt is increasing. D) has a surplus and the national debt is increasing. E) None of the above because by law tax revenue cannot exceed the government's expenditures.
Refer to Figure 15-5. In the figure above, the movement from point A to point B in the money market would be caused by
A) a decrease in real GDP. B) an open market sale of Treasury securities by the Federal Reserve. C) an increase in the required reserve ratio by the Federal Reserve. D) an increase in the price level.
What is fiat money? Why is fiat money important in the United States today?
An economy in which output has decreased and prices have increased would suggest that there has been a:
A. negative demand side shock. B. negative supply side shock. C. positive demand side shock. D. positive supply side shock.