A written agreement where each party is bound to provide other parties with goods, services, or financial consideration in exchange for other goods, services, or financial considerations is a
A. copyright.
B. patent.
C. tangible asset.
D. trademark.
Answer: D
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The more that firms in an economy believe that the demand for their goods is mainly influenced by "local conditions" and not the aggregate level of demand, the ________ is the SAS curve and thus the ________ are cycles in real GDP
A) steeper, larger B) steeper, smaller C) flatter, larger D) flatter, smaller
Which of the following is NOT a characteristic of long-run equilibrium for a perfectly competitive firm?
A. The firm produces the output level at which long-run average cost is at its minimum. B. Economic profit is zero. C. Price is greater than long-run average cost. D. Price is equal to long-run marginal cost.
The government budget constraint implies that
A. government borrowings = government spending+ transfers - taxes and user charges. B. government spending = government borrowing - transfers - taxes and user charges C. government spending = transfers - taxes and user charges - government borrowing. D. government borrowings = taxes and user charges + government spending - transfers
Positive market feedback refers to a tendency for
A. price leaders to respond to an increase in market demand by increasing the prices of their products. B. potential entrants to an oligopolistic industry to respond to entry deterrence strategies by contemplating producing more output than the quantities produced by firms already in the industry. C. a particular product to come into favor with additional consumers because other consumers have chosen to purchase the product. D. potential entrants to an oligopolistic industry to respond to entry deterrence strategies by contemplating setting their prices above prices established by firms already in the industry.