The U.S. president who referred to inflation as "public enemy number one" was
a. Richard Nixon.
b. Gerald Ford.
c. Jimmy Carter.
d. Ronald Reagan.
b
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Gross domestic product measures the ________ value of ________ goods and services produced during a ________ time period
A) inherent; market; fixed B) final; intermediate; stable C) intermediate; final; constant D) market; final; given
Partial equilibrium is
A. exactly like general equilibrium. B. studying only the supply side of the market. C. studying individual markets. D. examining the demand side of the market.
The total revenue curve for a perfectly competitive firm
a. is a vertical line intersecting the horizontal axis b. is a horizontal line intersecting the vertical axis c. starts part way up the vertical axis, then slopes upward in a backwards-S curve d. is a straight line starting from the origin and sloping upward e. starts at the origin, sloping upward at first and then sloping downward
When supply is fixed or the product is unique, then price is
A. supply determined. B. government determined. C. demand determined. D. indeterminate.