Which of the following is closest to a perfectly competitive market?
A. the computer software market
B. the market for broccoli
C. the market for athletic shoes
D. the market for handmade guitars
Answer: B
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When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
When a firms "dumps" some of its products in another country, it
A) creates an environmental hazard in the receiving country. B) sells its goods abroad at a price lower than it costs to produce the goods. C) increases the total level of employment in the receiving country. D) is specializing according to comparative advantage.
Refer to Figure 10.7. A movement from point A to point B could be caused by
A) a negative demand shock. B) a decrease in the term premium investors expect in the future. C) an increase in the default-risk premium. D) an increase in the expected rate of inflation.
Economic growth ________
A) is driven by different elements in different economies B) is driven primarily by digital technology C) is driven primarily by labor growth D) cannot be explained using economic models