The U.S. financial system is a(n) __________ system
A) markets-oriented
B) angel financing
C) banking-oriented
D) loan committee
A
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In the short run, a rightward shift of the short-run aggregate supply curve ________ real GDP and ________ the price level
A) decreases; lowers B) increases; raises C) decreases; raises D) increases; lowers
Consumer equilibrium occurs where the budget line is tangent to the:
a. lowest possible indifference curve. b. highest possible indifference curve. c. utility maximizing indifference curve. d. utility equalization indifference curve.
In the above figure, the short-run equilibrium will eventually adjust to a long-run equilibrium with a
A) lower price level and smaller real GDP B) higher price level and larger real GDP. C) higher price level and smaller real GDP. D) lower price level and larger real GDP.
Which of the following is used to explain why a consumer's willingness to buy a cell phone increases as the number of other people who own and use cell phones increases?
A) network externalities B) diminishing marginal utility C) market failure D) the income effect of a price change