A perfectly competitive producer's demand curve is:
a. a horizontal line.
b. also the market-demand curve.
c. downward sloping but more elastic than the market-demand curve.
d. a vertical line.
e. upward sloping.
a
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The prisoner's dilemma is applicable only when considering the illegal behavior that firms in a non-competitive market may pursue
a. True b. False
Which of the following is a definition of velocity?
a. Velocity = value of final goods and services produced/money supply b. Velocity = real GDP/M c. Velocity = nominal GDP/real GDP d. Velocity = (P Q)/(M V)
Trade policies
a. alter the trade balance because they alter imports of the country that implemented them. b. alter the trade balance because they alter net capital outflow of the country that implemented them. c. do not alter the trade balance because they cannot alter the national saving or domestic investment of the country that implements them. d. do not alter the trade balance because they cannot alter the real exchange rate of the currency of the country that implements them.
During the period that many call the Great Recession:
A. GDP fell. B. there was a sharp decrease in consumer spending. C. unemployment rose. D. All of these are true.