Which of the following factors are held constant for a given demand curve for a good?
A. The price of the good
B. The technology used to produce the good
C. The supply of the good
D. Consumer incomes and the prices of other goods
Answer: D
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Specialization in trade will be economically efficient if it is based upon
A) national security needs. B) absolute advantage. C) comparative advantage. D) government regulations.
If you must determine the long-run equilibrium output of a perfectly competitive firm and you are permitted to see only one curve, which of the following curves is most helpful?
a. demand b. marginal cost c. average cost d. average fixed cost
If an economy used gold as money, its money would be
a. commodity money, but not fiat money. b. fiat money, but not commodity money. c. both fiat and commodity money. d. functioning as a store of value and as a unit of account, but not as a medium of exchange.
By raising aggregate demand more than anticipated, policymakers
a. reduce unemployment for awhile. b. raise unemployment for awhile. c. reduce unemployment permanently. d. None of the above is correct.