According to the law of demand there is ________ relationship between price and quantity demanded.
A. either a positive or negative
B. a constantly changing
C. a positive
D. a negative
Answer: D
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If the economy is falling below potential real GDP, which of the following would be an appropriate fiscal policy to bring the economy back to long-run aggregate supply? An increase in
A) government purchases. B) the money supply and a decrease in interest rates. C) taxes. D) oil prices.
If the GDP deflator is 142, by how much have prices changed since the base year?
A) Prices have increased by 42%. B) Prices have increased by 142%. C) Prices have increased by 58%. D) Prices have decreased by 4.2%.
The value of the four-firm concentration ratio that many economists consider indicative of the existence of an oligopoly in a particular industry is
A) anything greater than 10 percent. B) anything greater than 40 percent. C) anything greater than 30 percent. D) anything greater than 20 percent.
In the long run, firms in a perfectly competitive market:
A. produce a quantity that maximizes profits. B. earn zero economic profit. C. choose the level of output that minimizes average total costs. D. All of these are true.