In the above table, if the market is perfectly competitive and unregulated, the equilibrium output will be
A) 1,000 units.
B) 2,000 units.
C) 3,000 units.
D) 4,000 units.
C
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Unless goods are Giffen goods, own-price elasticities of demand are always negative.
Answer the following statement true (T) or false (F)
The distinguishing feature that determines whether an analysis is classical or Keynesian is
A) the speed of price adjustment. B) the slope of the aggregate demand curve. C) the degree of monopoly power in the economy. D) the assumption about the transmission mechanism of monetary policy.
Some economists believe that poverty can be good for the economy since
A. the desire to avoid poverty provides a powerful incentive to "work hard and play by the rules." B. countries with high rates of economic growth since the 1980s tend to have less income inequality. C. poverty discourages child-bearing, leaving women with more time to work. D. poverty seems to encourage gambling.
Refer to the graph shown. Which of the curves represents an inverted yield curve?
A. A B. B C. C D. D