The Kwakiutl Indians of the Northwest used Hudson Bay blankets as a general medium of exchange. In the economic way of thinking, their blankets were therefore used
A) irrationally.
B) as goods in and of themselves.
C) without regard to their value.
D) as money.
D
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The market structure that is characterized by a small number of large firms that have some market power is called:
A) perfect competition. B) monopolistic competition. C) oligopoly. D) monopoly.
Events that shift the Ap demand schedule to the left also cause ________ the IS curve
A) movements downward along B) movements upward along C) parallel rightward shifts of D) parallel leftward shifts of
Frictional unemployment explains why unemployment rises during a recession and falls during an economic expansion.
Select whether the statement is true or false. A. True B. False
The marginal cost of a good is
a. lower for competitive firms than for monopolists. b. the cost of an additional unit. c. equal to fixed cost at high output levels. d. equal to variable cost when the firm is maximizing profit.