The market structure in which strategic considerations are most important is
A) monopolistic competition.
B) oligopoly.
C) pure competition.
D) pure monopoly.
B
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If the government purchases multiplier equals 2, and real GDP is $14 trillion with potential real GDP $14.5 trillion, then government purchases would need to increase by ________ to restore the economy to potential real GDP
A) $7.25 trillion B) $1 trillion C) $500 billion D) $250 billion
The demand for most agricultural products tends to be
a. both price and income elastic b. both price and income inelastic c. price inelastic and income elastic d. price elastic and income inelastic e. unit elastic in terms of price elasticity and income elastic
Which of the following would be considered a variable input in the short run? a. The size of a firm's plant
b. The acreage of an apple farmer's orchard. c. The production capacity of a machine. d. None of the above.
As disposable income increases, consumption spending will rise, but it will rise by less than disposable income if the MPS is positive
a. True b. False Indicate whether the statement is true or false