For something to serve as money, it must be
A) light, durable, and common. B) convertible to gold.
C) backed by the authority of the government. D) generally accepted by buyers and sellers.
D
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In a classical model
A) equilibrium real GDP is demand determined. B) equilibrium real GDP is neither determined by aggregate supply nor by aggregate demand. C) equilibrium real GDP is determined by both aggregate supply and aggregate demand. D) equilibrium real GDP is supply determined.
Under which of the following situations would a seller prefer to incur the cost of improving the product quality?
a. If the increase in buyer's valuation for the improved product is higher than the cost of improving it. b. If the increase in the seller's opportunity cost of improving the product is higher than the price of the product. c. If the product improvement lowers the producer surplus. d. If the product improvement allows the seller to a break even.
Economists refer to the relationship that a higher price leads to a lower quantity demanded as the _____________.
a. income gap b. market equilibrium c. law of demand d. price model
Which is true?
A. A per unit tax levied in an industry with a horizontal demand curve will be all paid by the producer. B. A seller never pays all of a per unit tax no matter what the market conditions. C. A per unit tax levied on the producer in an industry with a horizontal supply curve will be all paid by the producer. D. A producer never pays all of a per unit tax no matter what the market conditions.