The demand curve faced by the individual perfectly competitive firm is:
A) downward sloping.
B) upward sloping.
C) horizontal.
D) vertical.
C
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Which of the following is not a characteristic of most less-developed countries?
a. Inadequate human capital b. High population growth rate c. Inadequate capital goods d. High productivity e. Inadequate water supplies
In the United States, government regulation is primarily designed to:
A.) Protect the environment through government ownership of natural resources. B.) Prevent businesses from competing with each other. C.) Protect labor, consumers, and the environment. D.) Determine all the answers to the WHAT, HOW and FOR WHOM questions.
The simple circular flow model shows that:
A. households are on the buying side of both product and resource markets. B. businesses are on the selling side of both product and resource markets. C. households are on the selling side of the resource market and on the buying side of the product market. D. businesses are on the buying side of the product market and on the selling side of the resource market.
During the Great Depression
A. the U.S. unemployment rate reached its historical highest. B. the unemployment rate was not unusually high, but wage levels were low. C. unemployment statistics were not collected. D. most people who couldn't find work left the labor force, so the official unemployment rate remained low.