A market in which final goods and services are exchanged is a
A. Factor market.
B. Public goods market.
C. Product market.
D. Labor market.
Answer: C
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When inflation expectations changed during the 1967-1971 period, this change led to
A) the short-run Phillips curve shifting upward. B) the short-run and the long-run Phillips curve both shifting upward. C) an increase in the natural unemployment rate. D) the long-run Phillips curve shifting leftward. E) the long-run Phillips curve shifting rightward.
What is the aggregate demand multiplier and why does it occur?
What will be an ideal response?
Increasing marginal opportunity cost implies that
A) that rising opportunity costs makes it inefficient to produce beyond a certain quantity. B) the law of scarcity. C) the more resources already devoted to any activity, the benefits from allocating yet more resources to that activity decreases by progressively larger amounts. D) the more resources already devoted to any activity, the payoff from allocating yet more resources to that activity increases by progressively smaller amounts.
John Maynard Keynes described periods of irrational pessimism and optimism that affect the investment behavior of firms as animal spirits. When considering the investment behavior of firms, animal spirits can be thought of as changes in the
A) actual marginal product of capital. B) capital stock. C) expected marginal product of capital. D) user cost of capital.