A set of indifference curves that are only slightly bowed inward represent goods that could best be described as
a. perfect substitutes.
b. perfect complements.
c. very close substitutes.
d. very close complements.
c
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Under the gold standard,
A. each nation had discretion over its monetary policy. B. trade-deficit nations had less control over their money supply than trade-surplus nations. C. trade-surplus nations had less control over their money supply than trade-deficit nations. D. no nation had control over its domestic monetary policy.
Ceteris paribus, if bond prices rise, then
A) there is no effect on bond yields. B) bond yields will increase as well. C) bond yields will fall D) the Federal reserve must be pursuing contractionary monetary policy.
Changes in government spending are not likely causes of business cycles because changes in government spending predict
A) countercyclical real wages. B) procyclical real wages. C) countercyclical employment. D) procyclical employment.
In the long run, the price for a perfectly competitive firm
A) will be determined by the firm's supply and demand curves. B) will allow for positive economic profits. C) will equal marginal cost where marginal cost is at a minimum. D) will equal the minimum average total cost.