Markets require a physical location to permit sellers to supply money to buyers for goods and services.
Answer the following statement true (T) or false (F)
False
Markets exist wherever and whenever an exchange takes place, even in cyberspace.
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Total revenue decreases as the price of a good increases, if the demand for the good is
A. unitary elastic. B. elastic. C. inelastic. D. perfectly elastic.
China exports more services than India
Indicate whether the statement is true or false
The level of the capital—labor ratio that maximizes consumption per worker in the steady state is known as the
A) Solow residual capital—labor ratio. B) Golden Rule capital—labor ratio. C) q theory capital—labor ratio. D) dynamically efficient capital—labor ratio.
Lags in the approval and implementation of fiscal policy: a. weaken fiscal policy as a tool of economic stabilization
b. increase the effectiveness of fiscal policy as a tool of economic stabilization. c. help legislators better assess what policies are most appropriate to adopt. d. make fiscal policy more responsive to the current economic environment. e. cause fiscal policy to be more effective at changing the level of real GDP than changing the price level only in the long run.