The demand facing a monopolistically competitive firm is ________ a monopolistic firm and ________ a perfectly competitive firm.
A. as elastic as; less elastic than
B. more elastic than; as elastic as
C. more elastic than; less elastic than
D. less elastic than; more elastic than
Answer: C
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Suppose that the European Central Bank enacts expansionary policy. Everything else held constant, this will cause the demand for U.S. assets to ________ and the U.S. dollar to ________
A) increase; appreciate B) decrease; appreciate C) increase; depreciate D) decrease; depreciate
The metaphor used to describe the working of the price system to achieve efficiency in a free market is
A. Occam’s razor. B. the prisoner’s dilemma. C. the invisible hand. D. the benefit principle.
For a good that is taxed, the area on the relevant supply-and-demand graph that represents government's tax revenue is
a. smaller than the area that represents the loss of consumer surplus and producer surplus caused by the tax. b. bounded by the supply curve, the demand curve, the effective price paid by buyers, and the effective price received by sellers. c. a right triangle. d. a triangle, but not necessarily a right triangle.
Fiscal policy refers to:
A. the determination of the nation's money supply. B. government policies aimed at changing the underlying structure or institutions of the economy. C. decisions to determine the government's budget. D. policy directed toward increasing exports and reducing imports.