Which of the following is a characteristic of oligopoly?
A. many firms
B. strategic dependence
C. easy entry and exit
D. horizontal market demand curve
Answer: B
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A country has an aggregate production function of the form: Y = A x K1/3 x H2/3
Which of the following is likely to happen if the capital stock and the efficiency units of labor available to the country increases by 10% over a span of 5 years while the state of technology used in the country remains the same? A) Output will increase by 5%. B) Output will double. C) Output will increase by 10%. D) Output will increase by 1%.
Stampp (1976) finds evidence to suggest that the Southern slave owners were operating at losses, not profits
Indicate whether the statement is true or false
If the market ratio of silver to gold is 16 to 1 and the mint ratio is 15 to 1,
a. people will cease to use gold and silver as money. b. the Treasury will be forced to issue paper money. c. gold is undervalued at the mint. d. silver is undervalued at the mint.
Currency held by the public plus balances in transactions accounts plus travelers checks is the definition of
A. Bank surplus. B. M1. C. Bank deficit. D. M2.