A market:
A. reflects upsloping demand and downsloping supply curves.
B. entails the exchange of goods, but not services.
C. is an institution that brings together buyers and sellers.
D. always requires face-to-face contact between buyer and seller.
Answer: C
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The long-run aggregate supply curve shifts to the right when there is
A) an increase in the total amount of capital in the economy. B) an increase in the available technology. C) a decrease in the natural rate of unemployment. D) A and B. E) A, B, and C.
Figure 8.7 shows the market for a successful price-fixing arrangement (cartel) between two identical firms. When the two firms act like one and charge the same price, the market price will be ________ and each firm will produce and sell a quantity of ________.
A. $10; 200 B. $10; 100 C. $5; 500 D. $5; 250
Figure 15.3 depicts a one-mile stretch of beach with 100 swimmers distributed evenly along the beach. There are two ice cream vendors - 1 and 2 - on the beach selling an identical product. Assume that each swimmer buys only one ice cream cone and that they prefer to buy ice cream from the nearer vendor. If vendor 1 is at A while vendor 2 is at D, vendor 1 has an incentive to move:
A. to the left of its current location. B. to the right of vendor 2's location. C. toward the median location. D. None of these
The use of the federal budget to achieve macroeconomic objectives of full employment and sustainable economic growth is
A) done only when there is a budget surplus. B) called government GDP policy. C) called fiscal policy. D) done only when there is a budget deficit. E) called monetary policy.