Many auction markets
a. are perfectly competitive because they involve an identical or nearly identical commodity, many buyers, and because the seller has no influence over the price
b. are monopolistic because there is only one seller
c. exist only on the Internet, because of the difficulty of assembling all buyers in a single location
d. are controlled and run by governments
e. involve numerous firms, none of which is large enough to influence the market price
A
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Which of the following changes in disposable income would lead to the smallest increase in consumption?
a. a $20,000 increase in disposable income, if MPC equals 0.5 b. a $12,000 increase in disposable income, if MPC equals 0.75 c. a $15,000 increase in disposable income, if MPC equals 0.6 d. a $30,000 increase in disposable income, if MPC equals 0.25
About how much of the world's GDP is traded internationally? How has this changed over time? Why?
Appreciations or depreciations in currency change international relative prices.
Answer the following statement true (T) or false (F)
Why is the real-world deposit multiplier smaller than 1/RR, where RR is the required reserve ratio?
What will be an ideal response?