Political instability is an obstacle to development in:
A. both market and socialist economies.
B. neither market nor socialist economies.
C. market economies.
D. socialist economies.
Answer: A
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The compensated demand curve
A. shows how the quantity demanded changes when the price changes. B. shows how income is compensated, so that the individual's commodity bundle stays on the same indifference curve. C. is sometimes referred to as the Hicksian demand curve. D. all of these answer options are correct.
Product differentiation refers to:
A. firms who offer similar products to their competitors' products, but that are more attractive in some way. B. the process of creating a standardized product with a lower-cost method than the competitors' method. C. the process of informing the public of differences in products as a result of error. D. consumers who sort and group goods based on similar characteristics.
Given a downward-sloping aggregate demand curve, if short-run aggregate supply increases, real GDP must increase and nominal GDP must fall
a. True b. False Indicate whether the statement is true or false
To identify whether fiscal policy is expansionary or contractionary, one should focus on the cyclical deficit
Indicate whether the statement is true or false