Which approach to measuring money focuses on the value of currency, transaction deposits, and travelers checks?
A) near moneys B) the liquidity approach
C) M2 D) the transactions approach
D
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If a country's working-age population increases and its wealth increases, then the labor supply curve
A) shifts to the left if the effect of the change in wealth is bigger than the effect of the change in the working-age population. B) shifts to the right if the effect of the change in wealth is bigger than the effect of the change in the working-age population. C) shifts to the left. D) shifts to the right.
In monopolistic competition, product differentiation causes
a. the firms to earn economic profits in the long run b. a horizontal demand curve for each firm's output c. the firms to operate with excess capacity d. significant barriers to entry e. high concentration ratios
With the increasing normalization of relations with China, more and more Chinese goods appear on the U.S. market. Haven't you noticed it? If we buy more from China than China buys from us, then
a. the Chinese currency (the yuan) appreciates and we have an unfavorable balance of trade with China b. the Chinese currency (the yuan) depreciates and we have an unfavorable balance of trade with China c. the Chinese currency (the yuan) appreciates and we have a favorable balance of trade with China d. our balance of payments becomes increasingly negative e. our balance of payments becomes increasingly positive
Which of the following is NOT a characteristic of pure monopoly?
A. many sellers B. considerable price setting ability C. long-run economic profits are possible D. restricted ability to enter market