If the demand curve is a straight line with a negative slope, then demand is more elastic at higher prices than lower prices
a. True
b. False
A
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The usual results of an adverse supply shock are
a. a rise in prices and a fall in output. b. a fall in prices and a rise in output. c. increased growth and lower inflation. d. a rise in prices and a rise in output.
Firms have market power in:
A. perfectly competitive markets. B. monopolistically competitive markets and monopolistic markets. C. monopolistically competitive markets. D. monopolistic markets.
A good that if supplied to one person is supplied to all and whose consumption by one individual does not prevent its consumption by another individual is known as:
A. an internal good. B. a public good. C. an external good. D. a private good.
Economic growth in the DVCs might increase if IACs:
A. reduce their tariffs and import quotas. B. encourage more immigration of high-skilled DVC workers. C. outlaw direct private investment abroad by IAC corporations. D. discourage capital flight to the DVCs.