Households are generally buyers in the markets for products and sellers in ________ markets.
A. goods
B. service
C. labor
D. natural resource
Answer: C
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Within the aggregate demand/aggregate supply framework, the quantity produced and purchased in the goods and services market represents
a. nominal output or nominal GDP. b. the interest rate. c. real output or real GDP. d. the consumer price index.
One reason why economists often use models in their analysis is that
A) a model helps us to understand, explain, and predict economic phenomena in the real world. B) a model accurately pictures every detail of the real world economy. C) a model relates to individual thought processes rather than behavior. D) it is relatively easy to perfectly specify a model.
In a competitive market, the demand curve shows the ________ received by consumers and the supply curve shows the ________
A) utility; average cost. B) marginal benefit; marginal cost C) economic surplus; opportunity cost D) net benefit; net cost
Which of the following stock market increases is best explained by the notion of a bubble?
A. The late-1982 rally in which the DJIA doubled in 4 months B. The U.S. stock market in the late-1920s C. The decade of the 1980s D. The U.S. stock market's growth in 2009