Which type of statement is most likely to include the word "should"?
A. Fair statement
B. Normative statement
C. Factual statement
D. Positive statement
Answer: B
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If a country allows its currency's value to be determined in the market for foreign exchange, it has a:
A. fixed exchange rate. B. floating exchange rate. C. prime exchange rate. D. key exchange rate.
Demand for a particular type of apple is always strong in the beginning of fall. As a result, grocery stores typically face a _____ of these apples, causing them to _____ their price for the good
a. shortage; raise b. surplus; raise c. shortage; reduce d. surplus; reduce
Which of the following is an example of a barrier to entry?
a. Crystal charges a higher price than her competitors for her hair-styling services. b. Dan charges a lower price than his competitors for his dry-walling services. c. Jackie offers free samples of her loose-meat sandwiches to attract new customers. d. Roseanne obtains a copyright for a short story that she wrote and published.
Suppose we observe the price level increasing and real GDP decreasing. An explanation for this is that
A. the dollar strengthened and the effect on aggregate supply was less than the effect on aggregate demand. B. the dollar weakened and the effect on aggregate supply was less than the effect on aggregate demand. C. the dollar strengthened and the effect on aggregate supply was greater than the effect on aggregate demand. D. the dollar weakened and the effect on aggregate supply was greater than the effect on aggregate demand.