A market often characterized by one-on-one bargaining is a(n) ________ market.
A. general
B. informal
C. formal
D. specific
Answer: B
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A technological advance ________ potential GDP, ________ aggregate supply, and shifts the aggregate supply curve ________
A) decreases; increases; rightward B) decreases; decreases; leftward C) increases; decreases; leftward D) increases; increases; rightward E) increases; increases; leftward
The use of abstraction in economics is analogous to the use of a road map providing directions to a location.
Answer the following statement true (T) or false (F)
When faced with a market failure, the government:
A. often encourages the well-functioning firms to stay through protectionist policy. B. usually tries to redistribute the existing surplus more fairly. C. generally enacts thoughtful policy in order to create market efficiency. D. always takes over the market.
Answer the following statement(s) true (T) or false (F)
An innovation is the same thing as an invention.