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Home Search Your Textbook Essentials of Economics

Questions for: Essentials of Economics — 4e

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Which of the following are separate flows in the circular flow model?
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Juanita goes to the Hardware Emporium to buy a new circular saw. She is willing to pay $120 for a ne
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The amount of income a consumer has to spend on goods and services is known as
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Economic models do all of the following except
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Suppose that the current equilibrium GDP is $14.5 trillion and that potential GDP is $14.3 trillion.
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The real rate of interest is
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Protectionism is the use of ________ to protect domestic firms from foreign competition.
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An externality is an example of a market failure. (True or false?)
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If marginal benefit is less than marginal cost, output is inefficiently high. (True or false?)
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The amount of national income in an economy equals the money supply in an economy. (True or false?)
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You earn $500 a month, currently have $200 in currency, $100 in your checking account, $2,000 in you
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Scarcity refers to a situation in which unlimited wants exceed the limited resources available to fu
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In order to avoid the imposition of other types of trade barriers, foreign producers will sometimes
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All of the following are examples of spending on goods and services in the circular flow model excep
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Use the general relationship between marginal and average values to explain why a marginal cost curv
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When BMW, an German company, purchases a welding machine that was made in Toronto, the purchase isA)
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Which of the following is a factor of production?
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Holding everything else constant, a decrease in the price of bicycles will result in
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Who owns a corporation? (Multiple Choice)
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A monopolistically competitive industry that earns economic profits in the short run will be able to
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