Phases and turning points of the business cycle are expansion, peak, recession and trough
Indicate whether the statement is true or false
TRUE
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If the elasticity of supply of a good is zero, then its
A) supply curve is vertical. B) supply curve is horizontal. C) demand curve must be vertical. D) supply curve is positively sloped.
In the above figure, the indifference curves indicate that the two goods are
A) perfect complements. B) perfect substitutes. C) ordinary goods. D) normal goods.
As a patent in a the pharmaceutical industry expires, the market for these drugs
a. Can now be categorized as a competitive market b. Can now be categorized as a monopolistic market c. Was and is still a monopolistic market d. Was and is still a competitive market
For most countries, the Gini coefficient of market income is lower than the Gini coefficient of disposable income.
Answer the following statement true (T) or false (F)