A modern economy is one where:
a. there is no medium of exchange
b. a single seller controls the production of all goods and services.
c. every individual interacts with thousands of other individuals to receive the goods they need to survive.
d. international trade does not take place.
c
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In a market system, the major coordination tasks are carried out
a. with the approval of central planners. b. as part of the regular appropriation process of Congress. c. irregularly by the major corporations. d. automatically by the market mechanism.
Statistical discrimination is when you take action to:
A. fill gaps in your information by generalizing based on observable characteristics. B. reveal one's own private information. C. find out the opportunity cost of acquiring more information. D. reveal private information about someone else.
As price rises, quantity supplied
A. rises. B. falls. C. remains the same.
Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher