OutputMarginal RevenueMarginal Cost0----1$16$142169316154162151628Refer to the above data. This firm is selling its output in a(n):
A. purely competitive market.
B. oligopolistic market.
C. monopolistic market.
D. monopolistically competitive market.
Answer: A
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If the Fed lowers the federal funds rate, eventually the
A) AS curve shifts rightward, decreasing real GDP and raising the price level. B) AS curve shifts leftward, decreasing real GDP and raising the price level. C) AD curve shifts leftward, decreasing real GDP and raising the price level. D) AD curve shifts leftward, decreasing real GDP and lowering the price level. E) AD curve shifts rightward, increasing real GDP and raising the price level.
By "specialization" economists mean a situation where
A) individuals produce the goods or services for which they have relatively the best ability. B) goods are traded directly for goods and money is not used. C) individuals who produce goods do not also produce services and individuals who produce services do not also produce goods. D) individuals are assigned to occupations on the basis of tests that gauge their relative abilities.
Increasing marginal opportunity cost means that the production possibility curve is:
A. bowed out so that for every additional unit of one good given up, you get more and more units of the other good. B. bowed in so that for every additional unit of one good given up, you get more and more units of the other good. C. bowed out so that for every additional unit of a good given up, you get fewer and fewer units of the other good. D. bowed in so that for every additional unit of one good given up, you get fewer and fewer units of the other good.
Bonds issued by state and local governments are called _____ bonds. Bonds issued by financially shaky corporations are called _____ bonds. Of these two, which type of bond usually pays a relatively higher interest rate?
Fill in the blank(s) with correct word