Among the distinguishing characteristics of different types of markets are
a. the number of firms in an industry.
b. the presence or absence of product differentiation.
c. the ability of any or all firms in an industry to influence market price.
d. All of these.
d. All of these.
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In the Keynesian model, a $5 billion decrease in investment leads to ________ in equilibrium output.
A. a $5 billion decrease B. no change C. a $5 billion increase D. a greater than $5 billion decrease
If the public believes the commitment to a nominal anchor to be credible, the effect of a positive aggregate demand shock is for ________
A) short-run aggregate supply to shift up B) short-run aggregate supply to be unaffected C) short-run aggregate supply to shift down D) inflation, but not economic activity, to increase
A tax on a product causes a deadweight loss because: a. some consumer surplus is transferred from buyers to producers
b. some producer surplus is transferred from producers to consumers. c. some consumer and producer surplus is transferred to the government. d. it distorts the incentives of producers and consumers so that the efficient level of output is not produced.
Comparisons of GDP between developed and underdeveloped countries are often misleading because underdeveloped countries produce
a. a greater share of their total production in the household sector, which understates their GDP relative to developed countries. b. a smaller share of their total production in the household sector, which understates their GDP relative to developed countries. c. a greater share of their total production in the household sector, which overstates their GDP relative to developed countries. d. a smaller share of their total production in the household sector, which overstates their GDP relative to developed countries.