A program that is growing across the United States that helps start new entrepreneurial businesses in an area is called _______________.
Fill in the blank(s) with the appropriate word(s)
Answer: Economic Gardening
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Which model highlights the effects of market power obtained from product differentiation?
a. The contestable market model. b. The Cournot model of oligopoly. c. The Bertrand model of oligopoly. d. The monopolistic competition model.
Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
If the demand function for orange juice is expressed as Q = 2000 - 500p, where Q is quantity in gallons and p is price per gallon measured in dollars, then the demand for orange juice has a unitary elasticity when price equals
A) $0. B) $1. C) $2. D) $4.
The GDP per capita of the U.S. economy is larger than the GDP per capita of Germany, which proves that the standard of living in the United States is higher than in Germany.
Select whether the statement is true or false. A. True B. False