The development of the Internet and e-mail to often replace regular mail services is an example of:
A. specialization.
B. creative destruction.
C. derived demand.
D. roundabout production.
Answer: B
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If x increases and as a result y decreases, then x and y are
A) not related because the relationship is a causal one. B) positively related. C) negatively related. D) directly related. E) trend-line related.
If potential GDP for the fourth quarter of 2012 = $58.5 billion, and real GDP for the fourth quarter of 2012 = $53.7 billion, then the output gap was
A) -8.9%. B) -8.2%. C) 8.2%. D) 8.9%.
The difference between moral hazard and adverse selection is that moral hazard is about:
A. unobserved characteristics of people occurring before parties enter into an agreement. B. never happens when adverse selection is a problem. C. actions that arise after the parties enter an agreement D. None of these statements is true.
Advertising is very important to firm operating in: a. perfect competition but not in monopolistic competition
b. monopolistic competition but not in perfect competition. c. perfect competition and monopolistic competition but not in monopoly. d. none of the above