The mechanism by which buyers and sellers negotiate an exchange is called a/an
A. meeting.
B. market.
C. equilibrium.
D. model.
Answer: B
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The above table contains information about the nation of Syldavia. There are no income taxes or imports in this nation. The equilibrium expenditure is
A) $25 billion. B) $10 billion. C) $15 billion. D) $20 billion. E) $30 billion.
According to the figure shown:
A. there is no stable equilibrium to the game.
B. both players will act in their own self-interest and get a stable, but less than optimum, equilibrium.
C. both players will act in their own self-interest and get an optimum equilibrium that is stable.
D. both players have an incentive to charge a low price and undercut the competition.
Which of the following would most likely cause measured GDP to overstate the actual output produced in a year?
a. Increased production in the underground economy b. A decline in the quality of goods and services produced c. Increased production for home use (non-market production) d. A decline in population e. Increased purchases of market produced services
Which of the following is the best example of an automatic stabilizer?
a. a balanced federal budget b. the minimum wage c. unemployment compensation program d. discretionary fiscal policy