As a result of firms leaving the perfectly competitive frozen yogurt market in the early 2000s, the market
A) supply curve shifted leftward.
B) supply curve did not change.
C) demand curve shifted rightward.
D) supply curve shifted rightward.
E) demand curve shifted leftward.
A
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If absolute property rights to an endangered resource are granted to someone who inefficiently manages the resource, explain what the Coase theorem predicts will happen to that resource
What will be an ideal response?
In the long run,
a. the natural rate of unemployment depends primarily on the level of aggregate demand. b. inflation depends primarily upon the money supply growth rate. c. there is a tradeoff between the inflation rate and the natural rate of unemployment. d. All of the above are correct.
We say that money is a medium of exchange because it represents:
A. something you can use to purchase goods and services. B. something you can directly offer, like any good or service, in exchange for some good or service you want. C. a certain amount of purchasing power held over time. D. a standard unit of comparison.
To promote economic efficiency, government should
A. keep all prices as low as possible. B. keep all prices high so that people will save more money. C. allow the market to set low prices for abundant goods and high prices for scarce goods. D. never interfere with firms’ price setting powers.