Falling below a minimum standard of living illustrates the concept of absolute poverty.
Answer the following statement true (T) or false (F)
True
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A point to the left of the LM curve would represent a situation in which
A) money demand is greater than money supply. B) money supply is greater than money demand. C) money demand is greater than goods demand. D) money demand is less than goods demand.
An expansionary gap in the short-run results in: a. lower resource prices in the long run. b. unemployment in the long run
c. a recessionary gap in the long run. d. cost-push inflation in the long run. e. demand-pull inflation in the long run.
Which of the following is a true statement?
a. A price-taker firm can sell additional units of output without having to lower its price, while a price-searcher firm must lower its price in order to sell additional units. b. A price-searcher firm can sell additional units of output without having to lower its price, while a price-taker firm must lower its price in order to sell additional units. c. Both price searchers and price takers can sell additional units of output without having to lower their price. d. Both price searchers and price takers must lower their price in order to sell additional units of output.
Which of the following is exempt from antitrust laws?
A) professional basketball B) suppliers of military equipment C) telephone companies D) automobile companies