The political business cycle is:
A. not apparent in either GDP data or personal disposable income data.
B. more apparent in GDP data than in personal disposable income data.
C. less apparent in GDP data than in personal disposable income data.
D. equally apparent in GDP data as in personal disposable income data.
Ans: C. less apparent in GDP data than in personal disposable income data.
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The market for fish is perfectly competitive. So, the price elasticity of demand for fish from a single fishing boat
A) is less than the elasticity of demand for fish overall. B) equals the elasticity of demand for fish overall. C) is greater than the elasticity of demand for fish overall. D) is sometimes greater than and sometimes less than the elasticity of demand for fish overall.
Refer to Figure 3-8. The graph in this figure illustrates an initial competitive equilibrium in the market for motorcycles at the intersection of D1 and S1 (point A). If there is a surplus of motorcycles how will the equilibrium point change?
A) The equilibrium point will move from A to B. B) There will be no change in the equilibrium point. C) The equilibrium point will move from A to C. D) The equilibrium point will move from A to E.
Individuals play ____ in causing pollution
a. almost no role b. a large but decreasing role c. a major role d. a reconstructive role
A market situation where a small number of sellers compose the entire industry is called
a. monopolistic competition. b. monopsony. c. monopoly. d. oligopoly.