Can economic competition be viewed as a positive force for growth and progress?
A. Yes, because economic competition of any type always leads to growth and progress.
B. No, because economic competition historically had neither a positive nor a negative effect.
C. Yes, as long as it is conducted within a fair set of rules.
D. No, because there is more poverty today than in the past.
Answer: C
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Which of the following statements best illustrates the concept of derived demand?
A. When the price of gasoline goes up, the demand for motor oil will decline. B. As income goes up, the demand for farm products will increase by a smaller relative amount. C. A decline in the price of margarine will reduce the demand for butter. D. A decline in the demand for shoes will cause the demand for leather to decline.
An increase in the interest rate will ________.
A. cause a move down along the money supply curve B. cause a move up along the money supply curve C. shift the money supply curve to the left D. shift the money supply curve to the right
The following statements about the business cycle are correct except ______
A. it is a regular predictable cycle in real GDP around potential GDP B. from the peak to the trough, the economy is in a recession C. from the trough to the peak, the economy is in an expansion D. it is a periodic movement in economic activity including employment
The short-run market supply curve in a perfectly competitive industry
a. shows the total quantity supplied by all firms at each possible price b. is perfectly inelastic at the market price c. is perfectly elastic at the market price d. shows how much output each individual firm will supply at various possible prices e. is usually downward sloping