In a perfectly competitive market the term "price taker" applies to
A) sellers but not buyers. B) only the smallest sellers and buyers.
C) buyers but not sellers. D) sellers and buyers.
D
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Chris pays $10,000 for a newly issued two-year government bond with a $10,000 face value and a 6 percent coupon rate. One year later, after receiving the first coupon payment, Chris sells the bond. If the current one-year interest rate on government bonds is 7 percent, then the price Chris receives is:
A. greater than $10,000. B. $700. C. less than $10,000. D. $10,000.
If the optimal forecast of the return on a security exceeds the equilibrium return, then
A) the market is inefficient. B) no unexploited profit opportunities exist. C) the market is in equilibrium. D) the market is myopic.
The income transferred by the government from a citizen who is earning income to another citizen is referred to as:
a. fiscal spending. b. transfer payment. c. budgetary allowance. d. taxation. e. internal debt.
Which of the following is an example of cyclical unemployment?
A. Dora lost her job when the textile factory closed. She does not have skills to work in another industry and has been unemployed for over a year. B. Jim had a job as an engineer, but quit when his wife was transferred to another state. He looked for a month before finding a new job that he liked. C. George is an unskilled worker who mows lawns in the summer, but is unemployed the rest of the year. D. Marsha was laid off from her job with the airline because the recession reduced demand for airline travel. She expects to get her job back when the economy picks up.