In calculating the IS curve, _______ is taken as exogenous
a. the interest rate.
b. aggregate income.
c. the price level.
d. planned investment.
e. a and d.
C
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Used car dealers are able to make a profit by buying used cars at a low price and selling them at a higher price because
a. they sell lemons b. they can take advantage of unsuspecting consumers c. they are attempting to maximize their profits d. the transaction costs to some buyers is less than it would be without the used car dealers e. there are no transaction costs associated with the process of buying a used car
Control of a scarce resource or input can serve as an entry barrier
a. True b. False Indicate whether the statement is true or false
Oligopolies would like to act like a
a. duopoly, but self-interest often drives them closer to the competitive outcome. b. competitive firm, but self-interest often drives them closer to the duopoly outcome. c. monopoly, but self-interest often drives them closer to the duopoly outcome. d. monopoly, but self-interest often drives them closer to the competitive outcome.
An increase in personal income tax rates will cause a(n):
A. decrease in aggregate demand. B. decrease in the quantity of real domestic output demanded. C. increase in the quantity of real domestic output demanded. D. increase in aggregate demand.