Which of the following would be the best example of a spot market?
a. the market for fine art
b. the market for bananas
c. the market for stocks and bonds
d. the market for baseball cards
B
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Writing in the 18th century, Adam Smith downplayed technology as a factor contributing to a nation's economic growth
Indicate whether the statement is true or false
In the open-economy macroeconomic model, if the supply of loanable funds increases, then the interest rate
a. and the real exchange rate increase. b. and the real exchange rate decrease. c. increases and the real exchange rate decreases. d. decreases and the real exchange rate increases.
Suppose a profit-maximizing firm in a perfectly competitive market is earning an economic profit of $1,345. If the firm's fixed cost increases from $200 to $300, the firm will:
A. earn a greater profit. B. raise its price. C. earn a smaller profit. D. reduce its output.
Based on the circular flow model, goods and services flow from:
A. households to businesses in product markets. B. businesses to households in product markets. C. households to businesses in factor markets. D. businesses to households in factor markets.