3. A decrease in the price of a good will(A) increase demand(B) decrease demand(C) increase quantity
4. Which of the following events may NOT result in a rising equilibrium price of certain goods?(A) W
6. A key characteristic of a competitive market is that(A) producers sell nearly identical products(
7. An oligopoly with a dominant price leader will produce a level of output(A) between that which wo
8. All externalities(A) cause markets to fail to allocate resources efficiently(B) cause equilibrium
10. Of the following countries, which country’s government collects the largest amount of tax revenu
11. A binding price ceiling(A) causes a surplus(B) causes a shortage(C) increases consumers’ surplus
12. Minimum-wage laws(A) affect highly-educated workers more than high school dropouts(B) cause labo
13. Which of the following statements is NOT considered a disadvantage of GDP measurement?(A) GDP me
14. Which of the following is NOT a factor of the rise of real GDP in a country?(A) Advance of techn
15. Which of the following statements may NOT be a result of steady inflation?(A) Steady inflation c
17. Which term can be used to describe the following situation: “firms’ marginal revenue is not equa
18. Country T produces only apples ( A ) and bananas ( B ). The production probability frontier is g
19. Empirical studies show that the typical shape of firms’ long-run average cost curves is(A) slopi
20. Trump Machinery is analyzing a proposed project that is expected to sale 2,450 units, with an er
21. Which of the following pairs of causal relations is incorrect?(A) Banker’s interference in the m
22. Which of the following is NOT a function of currency?(A) Unit of account(B) Store of value(C) De