Which of the following statements about markets is not true?
A. Markets have both a demand side and a supply side.
B. Every market transaction involves an exchange of money for goods or resources or a direct exchange of goods or resources without money called barter.
C. Markets necessarily have a physical location.
D. The two types of markets include the factor and product markets.
Answer: C
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Which of the following would cause a decrease in the supply of milk?
A) an increase the price of a product that producers sell instead of milk B) an increase in the price of cookies (assuming that milk and cookies are complements) C) an increase in the number of firms that produce milk D) a decrease in the price of milk
On the graph above, at the point where quantity demanded equals quantity supplied (let's call it point A), the economy has reached its ________
A) general equilibrium, and barring any shocks, it will not move from A B) long-run equilibrium, and barring any shocks, it will not move from A C) short-run equilibrium, and even without any shocks, it may move away from A D) short-run equilibrium, and barring any shocks, it will not move from A E) none of the above
The joining of the eastern and western sections of nation's first transcontinental railroad was commemorated with the driving of the last spike on May 10, 1869:
a. in Salt Lake City. b. in Washington, D.C. c. at Promontory Point. d. on the rim of the Grand Canyon.
If the net exports component of U.S. GDP is negative, then it is an indication that
a. Americans buy insufficient exports b. Americans buy too many exports c. GDP will be underestimated d. Americans export more than they import e. Americans export less than they import