Which of the following is not an assumption of perfect competition?
A. Many buyers
B. Many sellers
C. Branded products
D. Identical (or indistinguishable) products
Answer: C
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In 1963, the average price for a gallon of gas was about $0.30. In 2014, the average price for a gallon of gas was about $3.37. What does this data show?
a. From 1963 to 2014, the money demand curve shifted leftward. b. The demand for money has increased significantly from 1963 to 2014. c. In 1963, people carried more money in their pockets than they did in 2014. d. The interest rates were most likely lower in 1963 than in 2014.
Refer to the graph shown. In the graph, a recessionary gap exists if the price level is:
A. P0 and the aggregate demand curve is AD1. B. P0 and the aggregate demand curve is AD0. C. P1 and the aggregate demand curve is AD0. D. P1 and the aggregate demand curve is AD1.
Where the planned expenditure and the 45-degree lines intersect, the economy is ________ equilibrium, with unplanned inventory investment equal to ________
A) in, zero B) out of, zero C) in, planned inventory investment D) in, autonomous planned expenditure E) out of, autonomous planned expenditure
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4Refer to Figure 2.4. The economy moves from Point A to Point D. This could be explained by
A. an increase in economic growth. B. a change in society's preferences for motorcycles versus hybrid cars. C. a reduction in unemployment. D. an improvement in technology.