Types of Markets
What will be an ideal response?
- Based on what is being exchanged
1. Goods & Services
2. Inputs
- Based on the market structure or characteristics
1. Competitive
2. Imperfectly Competitive
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Business cycles are
A) irregular, with some having two recessions and no expansion. B) predictable, with a recession following a trough. C) unpredictable, but always have two phases and two turning points. D) unpredictable, and don't always have two phases and two turning points.
The legislation passed by Congress in 1890 to reduce the market power of large and powerful "trusts" was the
a. Morgan Act. b. Sherman Act. c. Clayton Act. d. 14th Amendment.
You do not worry about how your bank is investing your money because your deposits are federally insured. This is an example of:
A. a positive spillover. B. moral hazard. C. adverse selection. D. irrational behavior.
Your electrician accepts payment only in cash in order to avoid taxes. If you pay him $100,
A) the GDP of your country will increase B) the GDP of your country will fall C) the trade surplus of your country will increase D) the GDP of your country will remain unchanged