If the demand curve for a product is horizontal, then
A) the demand for the product is perfectly inelastic.
B) the demand for the product is perfectly elastic.
C) only a certain amount of the product will be consumed regardless of price.
D) the price elasticity of the product approaches zero.
B
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Which of the following is NOT a feature of a common market?
A) Substantial coordination of macroeconomic policies among the members B) Free trade in goods and services between the members C) Common external barriers to trade D) Factor mobility
The principal policy-maker of the Federal Reserve is the
A) Chairman of the Federal Reserve Board of Governors. B) president of the New York Federal Reserve bank. C) president of the Washington, D.C. Federal Reserve bank. D) Comptroller of the Currency.
Using the above table, the TVC, the TC, and the MC when output is 4 units are
A. $67, $72, and $22, respectively. B. $16.75, $21.75, and $30, respectively. C. $16.75, $21.75, and $22, respectively. D. $67, $62, and $22, respectively.
Inflation is a rise in
A. the general level of prices over time. B. unemployment over time. C. real GDP over time. D. the standard of living over time.