A(n) ________ is a group of buyers and sellers who are trading goods and/or services
A) firm
B) market
C) enterprise
D) government
B
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According to economic theory, a politician
A) expands activities whose marginal benefit exceeds marginal cost. B) contracts activities whose marginal cost exceeds marginal benefit. C) does not necessarily act on narrow or selfish interests. D) does all of the above. E) does none of the above.
In the Malthusian model, the population growth rate is
A) exogenous. B) positively related to consumption per worker. C) negatively related to consumption per worker. D) assumed to be constant.
The law of demand states that the quantity demanded of a good and
a. the price of a substitute are positively related b. its price are inversely related c. its price are positively related if it is an inferior good d. the wealth of buyers are positively related e. its price are inversely related if it is a normal good
Suppose we are at a long-run equilibrium point in an AD-AS model. Then the money supply increases. In the short run, is there any difference between what happens in the simple quantity theory of money (SQTM) version and the monetarist version of the model?
A) There is no difference. B) In the SQTM version, the price level rises; in the monetarist version, it does not. C) In the monetarist version, the price level falls; in the SQTM version, it does not. D) In the monetarist version, the Real GDP rises; in the SQTM version, it does not. E) In the SQTM version, Real GDP falls; in the monetarist version, it does not.