Which of the following characterizes a competitive market?
A. A downward-sloping demand curve for the firm.
B. Some of the firms sell at a price above the market equilibrium price.
C. A vertical demand curve facing each firm in the market.
D. A downward-sloping demand curve for the market.
Answer: D
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Business's cost of changing prices is referred to as:
A) inflation tax. B) menu costs. C) intangible costs. D) shoeleather costs.
At a peak in the business cycle, the macroeconomic equilibrium is ________ the level of potential real GDP
A) greater than B) equal to C) less than D) falling below E) None of the above answers is always correct because the relationship depends on whether the previous phase of the business cycle had been a recession or an expansion.
The Fed buys $100 million U.S. government securities from Bank of America. Bank of America's balance sheet shows this transaction as ________ in total assets and ________ in reserves
A) no change; a $100 million decrease B) no change; a $100 million increase C) a $100 million increase; no change D) a $100 million increase; a $100 million increase E) a $100 million decrease; a $100 million decrease
In the 17th century, the Middle colonies:
a. primarily produced crops using slaves on large plantations. b. primarily produced crops that are associated with large economies of scale. c. exported large amounts of wheat and flour to the West Indies. d. are often referred to as "a mercantilist's dream.".