Economics is primarily the study of:
a. how choices are made in a world of scarcity
b. corporate balance sheets and income statements.
c. how to operate a business.
d. how to make money in the stock market.
a
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What is the effect in the market as more firms enter a monopolistically competitive industry?
a. The market supply curve shifts to the right. b. The market supply curve shifts to the left. c. The demand curve faced by each firm shifts out and to the right. d. The demand curve faced by each firm shifts in and to the left.
According to the assumptions of the quantity theory of money, if the money supply increases 5 percent, then
a. both the price level and real GDP would rise by 5 percent. b. the price level would rise by 5 percent and real GDP would be unchanged. c. the price level would be unchanged and real GDP would rise by 5 percent. d. both the price level and real GDP would be unchanged.