The term "market" refers to
A) physical structures only.
B) locations where buyers and sellers physically meet.
C) any arrangement that enables buyers and sellers to get information and trade with one another.
D) trading arrangements that have been approved by the government.
C
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Which of the following factors is not a barrier limiting the entry of potential competitors into a market?
a. legally enforced patent rights b. an inelastic demand for a product c. licensing d. control over an essential resource
In the analysis of the interest rate effect, when the price level changes, the quantity of money households and firms' want to hold changes in the ______ direction as interest rates, while investment changes in the _____ as the quantity RGDP demanded
a. Same, same b. Same, opposite c. Opposite, same d. opposite, opposite
When the Fed increases the money supply and creates inflation, it erodes the real value of the unit of account and makes it more difficult for investors to sort successful from unsuccessful firms
a. True b. False Indicate whether the statement is true or false
An individual is endowed with $100 of income in period 1, and will receive an income of 121 in period 2. The interest rate is 10%, and there are only 2 periods. The maximum first period consumption consistent with the intertemporal budget constraint is
a) 100 b) 110 c) 121 d) 210 e) 221