The ease with which an asset can be converted into a medium of exchange is:
a. currency convertibility.
b. asset convertibility.
c. convertibility.
d. money convertibility.
e. liquidity.
e
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Which of the following is true for the economy depicted in Figure 9-2?
a. potential output equals y1 b. it would be impossible for this economy to achieve an output greater than y1 c. when output y1 is achieved, the actual rate of unemployment will exceed the natural rate of unemployment d. when output y1 is achieved, the actual rate of unemployment will be less than the natural rate of unemployment
The more substitutable current consumption is with future consumption, the more likely it is that an increase in the interest rate will cause an increase in savings.
Answer the following statement true (T) or false (F)
All of the following are true regarding cartels except which one?
A) They are stable. B) They create a deadweight loss. C) They are illegal. D) They set the price higher than the competitive price.
When a firm leaves a perfectly competitive industry,
A. the individual demand curves facing remaining firms shift toward the point of minimum average cost in the long run. B. short-run industry equilibrium is reestablished at a new point along the original short-run industry supply curve. C. the short-run industry supply curve shifts to the right. D. at the new long-run equilibrium, the remaining firms in the industry will each receive a higher profit.