The more substitutes there are for a monopolist's product
A) the less elastic is the demand curve.
B) the more elastic is the demand curve.
C) the steeper is the demand curve.
D) the more positively sloped the demand curve becomes.
Answer: B
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__________ people are often overly affected by outside forces, such as changes in weather or the bad attitudes of coworkers
a. Synergistic b. Reactive c. Positive d. Pro-active
In response to the financial crisis which followed the housing bubble collapse, policy-makers feared stimulating demand would cause:
A. high inflation despite low economic growth and high unemployment. B. high inflation despite high economic growth and low unemployment. C. low economic growth despite low inflation and low unemployment. D. high unemployment despite low inflation and low economic growth.
Assume that the government of a nation prohibits producers from extracting crude oil from some domestic oil fields. Which of the following will be witnessed in the market for crude oil?
a. The domestic and world price of crude oil would remain unaffected. b. The domestic price of crude oil would increase. c. Oil import from the world market would decline. d. The world price of crude oil would increase.
If prices rise within a country, then, other things equal, the value of a unit of domestic currency will:
a. rise in both the domestic and the foreign exchange markets. b. fall in both the domestic and the foreign exchange markets. c. rise in the domestic market and fall in the foreign exchange market. d. fall in the domestic market and rise in the foreign exchange market. e. fluctuate unpredictably in both domestic and foreign exchange markets.