Buyers and sellers in a flea market often determine the terms of exchange through a process of ________
A) collective bargaining
B) bilateral bargaining
C) sniping
D) arbitration
B
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The above figure shows the demand and cost curves for a firm in monopolistic competition. The firm maximizes its profit by
A) producing 8 units at a price of $5 each. B) producing 8 units at a price of $15 each. C) producing 4 units at a price of $20 each. D) producing 12 units at a price of $10 each.
An American insurance company hires a call center in India to handle customer service calls in order to cut costs. Other things equal, this will ________ of the United States
A) decrease the financial account balance B) decrease net exports C) decrease the capital account balance D) increase the current account balance
The following Phillips curve of would be consistent with the _____ model(s)
a. Keynesian. b. monetarist. c. monetarist and classical. d. classical. e. None of the above
The best measure of average income for a country is
A. Per capita GDP. B. Real GDP. C. The economic growth rate. D. The capital stock of the economy.