A market system solves the
a. "what" and "how" decisions but not the "to whom."
b. "what" and "to whom" decisions but not the "how."
c. "how" and "to whom" decisions but not the "what."
d. "what," "how," and "to whom" decisions.
d
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The Tokyo Round of the GATT negotiations was notable because it was the first round
A) that included Japan. B) that included textiles and apparel. C) to begin establishing rules on subsidies. D) to begin discussions of exchange rates. E) to limit the tariffs of the United States.
The three business cycle models differ mostly in their treatment of ________
A) aggregate demand B) short-run aggregate supply C) long-run aggregate supply D) productivity shocks
When production is characterized by persistently declining long-run average costs as output increases
A) the costs of production are greater when competition exists than when a single firm produces a good. B) it is impossible for two firms to compete in the market. C) the costs are lower if a single firm exists, and even if the firm is unregulated, price will still be lower with a single firm. D) there is no need for the government to limit competition by licensing requirements.
The Phillips curve shows the relationship between the rate of inflation and the rate of growth of real GDP
a. True b. False Indicate whether the statement is true or false