GDP provides substantial information about an economy's income distribution
a. True
b. False
Indicate whether the statement is true or false
False
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The classical economists assumed that
A) wages and prices were inflexible, especially downward. B) government intervention in the economic system was necessary and helpful. C) monopoly was widespread in the economy. D) wages and prices were flexible.
Which of the following is NOT a description of indirect finance?
A) You take out a student loan from your bank. B) You borrow $500 from your best friend. C) You buy shares in a mutual fund. D) An insurance company lends funds to IBM.
If Isabella buys two goods and the prices of both goods decrease by 50%
A) the budget constraint will be unchanged. B) the slope of the budget constraint will increase. C) the slope of the budget constraint will decrease. D) the budget constraint will shift outward in a parallel fashion.
Which of the following observations would be consistent with the imposition of a binding price ceiling on a market? After the price ceiling becomes effective,
a. a smaller quantity of the good is bought and sold. b. a smaller quantity of the good is demanded. c. a larger quantity of the good is supplied. d. the price rises above the previous equilibrium.