When scarce goods are allocated according to some generally known criteria,
A) no one is discriminated against as long as the criteria are socially and legally accepted.
B) people will compete to satisfy the criteria.
C) rationing of scarce goods becomes unnecessary.
D) surpluses almost inevitably appear.
B
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In the short-run, an increase in the price of raw materials will ________ the price level and ________ real GDP
A) raise; increase B) lower; increase C) lower; decrease D) raise; decrease E) raise; not change
What are fiscal and monetary policies? Do they have an immediate effect on the AD curve or the SAS curve?
What will be an ideal response?
Which of the following is uncharacteristic of monopolistic competition in the long run?
a. firms selling heterogeneous products b. zero economic profits c. price in excess of marginal revenue d. equilibrium on the increasing portion of the average total cost curve
If you compare consumption and investment patterns over time, you find that
a. like consumption, investment is fairly stable over time b. like consumption, investment is fairly erratic over time c. unlike consumption, which is fairly stable over time, investment is subject to erratic fluctuations d. unlike consumption, which is subject to erratic fluctuations, investment is fairly stable over time e. investment is rarely affected by technological and economic factors