An economic ________ refers to either an upturn or a downturn in the economy.
A. stagnation
B. model
C. fluctuation
D. chain index
Answer: C
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Which of the following is NOT a likely result of intraindustry trade based on internal economies of scale?
A) Job creation at domestic firms entering international trade B) Lower prices for the domestic consumers of the product now being traded C) Increased sales and lower per unit costs for the firm doing the exporting D) Higher prices for the exported product
The demand for most agricultural products tends to be
a. both price and income elastic b. both price and income inelastic c. price inelastic and income elastic d. price elastic and income inelastic e. unit elastic in terms of price elasticity and income elastic
When choosing between fair price and marginal cost regulation for a natural monopoly, regulators must choose between
a. c and d b. c and e c. two different price and quantity combinations d. efficiency and equity e. possible cost drift and subsidization
Which statement is true?
A. The supply curve in the market period is always perfectly inelastic. B. The supply curve for a perishable good, such as ripe strawberries, is perfectly elastic. C. Business firms cannot respond to increases in demand for their product in the short run. D. The long-run supply curve is more elastic than the short-run supply curve.