In the United States, the average person mostly patronizes firms that operate in
A) perfectly competitive markets.
B) monopolistically competitive markets.
C) oligopolies.
D) monopolies.
Answer: B
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A public authority that provides banking services to commercial banks and regulates financial institutions and markets is called a
A) commercial bank. B) thrift institution. C) central bank. D) money market fund. E) mint.
Which of the following best explains the negative slope of the short-run Phillips curve?
A) Short-run aggregate supply increases at the same pace as aggregate demand increases so that inflation and unemployment do not change. B) Weak growth in aggregate demand keeps the economy below potential GDP, so unemployment rises but inflation falls. C) Aggregate demand grows so quickly that the inflation rate rises as unemployment rises. D) Long-run aggregate supply increases quickly enough that inflation falls as unemployment also falls.
The definition of inflation is
a. a sustained increase in the price of a particular good or service. b. a sustained increase in the general (average) price level of goods and services in the economy. c. the sustained growth rate in real GDP. d. a sustained decrease in the average price level of goods and services in the economy.
Recall the Economics in Practice on page 372: According to a study discussed in the Economics in Practice, providing data on expected earnings after training and providing biographies on women working in the coding sector ________ the number of women applicants for the coding camp in Peru.
A. reduced B. doubled C. resulted in a tenfold increase in D. did not change