The demand curve faced by a perfectly competitive firm is:
a. perfectly inelastic.
b. relatively elastic.
c. unit elastic.
d. perfectly elastic.
e. relatively inelastic.
d
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If the demand for labor is unchanged, population growth will increase the supply of labor and increase the equilibrium wage
Indicate whether the statement is true or false
The total value of government securities held by individuals, businesses, government agencies, and the Federal Reserve is known as
a. negotiable IOUs b. money market funds c. the deficit d. public debt e. general (private and public) debt
If the tax revenue of the federal government is less than its spending, then the federal government necessarily
a. runs a budget deficit. b. runs a budget surplus. c. runs a national debt. d. will increase taxes.
A nation's GDP is
A. The total amount of money in circulation. B. The total market value of all intermediate goods and services. C. The sum of value added at some stages of the production process. D. C + I + G + (X - M).