Which of the following is not a characteristic of a perfectly competitive market?
A. Perfect information.
B. High barriers to entry.
C. Zero economic profit in the long run.
D. Homogeneous products.
Answer: B
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The economic model of demand
a. explains the consequences of a change in buyers' tastes, but not the causes b. explains the causes of a change in buyers' tastes, but not the consequences c. explains both the causes and consequences of a change in buyers' tastes d. explains neither the causes nor the consequences of a change in buyers' tastes e. ignores buyers' tastes because they are too unstable to include in the model
When you use a debit card to purchase a pair of jeans, you are
A. creating a 30-day loan from the seller to your bank. B. giving your bank an instruction to transfer funds directly from your bank account to the store's bank account. C. creating an overnight repurchase agreement between your bank and the store. D. creating a 30-day loan from your bank to the seller.
Which of the following is a characteristic of pure capitalism?
a. all resources are owned communally b. economic activity is coordinated by government decision makers c. the price system is used to guide resources to their highest-valued uses d. centralized economic planning is used to answer the basic economic questions e. individual choices are reflected only through collective decisions
Which of the following is true of transfer programs? a. They involve redistributing income from lower-income individuals to higher-income individuals. b. They place a high implicit tax on work
c. They increase the opportunity cost of leisure. d. They indirectly help in decreasing the unemployment rate in an economy. e. They result in an increased productivity of labor and a rise in the total output of an economy.