Which of the following activities would occur in the product market?
a. Harry mows his grass.
b. General Motors hires additional workers to run a third shift at the factory.
c. Sam pays a speeding ticket.
d. Dolly buys a ticket to the ball game.
e. Jane bakes a pie for Thanksgiving dinner.
D
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Which of the following is NOT a characteristic of a perfectly competitive market?
A. Sellers can easily buy and sell the productive resources needed to enter the market. B. Buyers and sellers are well-informed. C. Each firm in the market sells a somewhat different variant of the good. D. There are many sellers, each of which sells only a small fraction of the total quantity exchanged.
If nominal GDP is $6.0 trillion and the quantity of money is $1.5 trillion, then the
A) velocity of circulation is 4. B) price level is 4.00. C) price level is 120. D) price level is 110. E) velocity of circulation is 10.
The free-rider problem arises if goods are
A. nonrivalrous in consumption. B. rivalrous in consumption. C. nonexcludable. D. excludable. E. a and d
A private investment firm that holds a portfolio of securities is called a mutual fund.
Answer the following statement true (T) or false (F)