Which of the following is an example of a good with a highly elastic demand curve?
a. Pencils
b. Books
c. Bread
d. Sports vehicles
d. Sports vehicles
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Natural resource cartels such as OPEC are inherently unstable because their members operate with excess capacity and have an incentive to cheat on their output quotas
Indicate whether the statement is true or false
When the Fed is targeting the money supply, it has complete control over the interest rate
a. True b. False Indicate whether the statement is true or false
A movement along the AD curve down and to the right is caused by
a. a rightward shift of the money demand curve b. falling consumer confidence c. a decreasing price level d. expansionary open market transactions by the Fed e. a stable price level and increases in consumption, investment, or government spending
Capitalism is an economic system in which the production process is controlled primarily by private firms operating in markets
a. True b. False Indicate whether the statement is true or false