Barter is the direct exchange of goods and services for:
a. any kind of money
b. other goods and services.
c. either goods or money.
d. commodity money.
e. foreign currency.
b
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The entry of new firms into an industry will very likely
A. shift the industry supply curve to the right. B. cause the market price to fall. C. reduce the profits of existing firms in the industry. D. All of the responses are correct.
Refer to the accompanying figure.
Starting from long-run equilibrium at point C, an adverse inflation shock that increases inflation from ? to ?1 will lead to a short-run equilibrium at point ________ creating ________ gap.
A. B; a recessionary B. A; a recessionary C. B; an expansionary D. A; an expansionary
When total product is increasing at a decreasing rate, marginal product is:
A. positive and increasing. B. constant. C. negative. D. positive and decreasing.
Explain why when the demand curve for a good is elastic, a one percent reduction in the price of the good will increase a consumer's expenditure on the good
What will be an ideal response?