Which of the following is a characteristic of a perfectly competitive market?
A. a large number of firms in a market
B. selling a standardized product
C. no barriers to entry
D. All of these
Answer: D
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Which of the following is NOT an effect from a change in the federal funds rate?
A) change in the real interest rate B) change in investment C) change in government expenditures D) change in aggregate demand E) change in the quantity of money
Which of the following is NOT an example of the opportunity cost of investing in human capital?
A) lost wages while in school B) lost wages while in on-the-job training C) tuition payments D) apartment rent while working and going to school part-time
A country is likely to have a comparative advantage in a land-intensive activity if it has a:
A. lot of land relative to its population. B. large population relative to its landmass. C. higher opportunity cost of producing technology. D. large amount of capital equipment relative to its population.
The long-run Phillips curve is vertical
a. True b. False