Which of the following is an automatic stabilizer?
What will be an ideal response?
unemployment insurance
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Which of the following is an example of the bandwagon effect?
A) A larger cellphone consumer group makes a cellphone service more attractive. B) The more people use Facebook, the more attractive it is to consumers. C) With more broadband services, more high-definition webpages become available. D) All of the above.
The basic reason that supply curves slope upward is that
a. demand curves slope downward b. production is characterized by increasing costs c. profits decline as product prices rise d. greater output can only result from improved technology e. price and quantity supplied are inversely related
Which of the following conditions is true for a nation operating at a point lying inside its production possibilities curve?
a. The nation is experiencing a technological breakthrough in one of its key industries. b. The nation is clearly utilizing its resources efficiently. c. The nation is producing the maximum output that can be produced with a limited quantity of resources. d. The nation is not utilizing its resources efficiently. e. The nation is producing the maximum output that can be produced with its unlimited quantity of resources.
As the number of firms in an oligopoly becomes very large, the price effect disappears
a. True b. False Indicate whether the statement is true or false