The key characteristics of a monopolistically competitive market structure include
A) few sellers.
B) sellers selling similar but differentiated products.
C) high barriers to entry.
D) sellers acting to maximize revenue.
Answer: B
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If savings does not depend upon the interest rate, then
a. the IS curve is vertical. b. the IS curve is horizontal. c. the LM curve is horizontal. d. the IS curve is still downward sloping. e. none of the above.
In which of the following economic theories is it possible for an increase in the money supply to lead to a decrease in Real GDP in the short run?
A) Keynesian theory B) Monetarist theory C) New classical theory D) a and b E) a and c
Firms will hire additional workers as long as the wage:
A. equals the marginal product of labor. B. is less than the value of the marginal product of labor. C. is greater than the marginal product of labor. D. is less than the marginal product of labor.
Under the Bretton Woods system, a country could alter its exchange rate
A. by changing its value relative to gold. B. whenever it determined that there was a fundamental disequilibrium. C. only when the IMF permitted due to a fundamental disequilibrium. D. under no circumstances.