An agrarian system refers to
(a) the pattern of land ownership.
(b) the type of crops grown.
(c) the processing of agricultural commodities.
(d) an economy that has no industry.
A
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Money ________
A) is always composed of coins and paper B) loses its value as it becomes older C) requires a double coincidence of wants D) is any commodity that is generally acceptable as a means of payment
By using restrictive fiscal policy during the Great Depression, the government improved the economic situation.
Answer the following statement true (T) or false (F)
Demand and marginal revenue curves are down sloping for monopolistic ally competitive firms because:
A. Each firm has to take the market price as given B. Product differentiation allows each firm some degree of monopoly power C. There are a few large firms in the industry and they each act as a monopolist D. Mutual interdependence among all firms in the industry leads to collusion
Refer to the information given. If the price level unexpectedly declines from 100 to 75, the level of real output in the short run will:
Suppose the full employment level of real output (Q) for a hypothetical economy is $500, the
price level (P) initially is 100, and prices and wages are flexible both upward and downward.
Use the following short-run aggregate supply schedules to answer the question.
A. rise from $500 to $560.
B. fall from $500 to $440.
C. fall from $560 to $500.
D. rise from $440 to $500.