In a perfectly competitive market, the demand curve faced by each firm is:
a. highly inelastic.
b. perfectly elastic.
c. perfectly inelastic.
d. less elastic.
B
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Temporary Assistance for Needy Families (TANF) is an example of a negative income tax program
a. True b. False Indicate whether the statement is true or false
If a bank has negative excess reserves, then its ______ are greater than its ______.
Fill in the blank(s) with the appropriate word(s).
When there is an increase in aggregate demand in the long run, there will be an increase in the price level but not in the level of output or employment.
Answer the following statement true (T) or false (F)
The new growth theory was developed by ________ and proposes that ________
A) Thomas Malthus; increases in population drive wages to their subsistence level B) Ben Bernanke; changes in the money supply drive economic growth C) Paul Romer; the desire for profits drives increases in real GDP per person D) Adam Smith; markets will determine the appropriate economic growth rate E) Robert Solow; increases in technology growth are responsible for economic growth