A duopoly is an industry with:
A. one firm.
B. two firms.
C. many firms that sell slightly differentiated products.
D. many firms that sell identical products.
Answer: B
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Wages in the United States are higher than wages in China primarily because
a. worker productivity is higher in the United States. b. the United States has more people and, therefore, a larger number of skilled workers. c. in the United States, less capital is required per employee. d. China has more natural resources that employees can work with.
The British economist most often associated with the issue of economic rent for land was
A) John Maynard Keynes. B) Jeremy Bentham. C) A. W. Phillips. D) David Ricardo.
If the CPI was 140 at the end of 2007 and 150 at the end of 2008, what was the inflation rate in 2008?
A) 10 percent B) 6.67 percent C) 6.25 percent D) 7.14 percent E) 8 percent
The following graph shows the production possibilities curve for the economy with only two members, Silvia and Art. Silvia can produce either 50 pounds of beef or 2 computers per week, and Art can produce 100 pounds of beef or 1 computer per week. Both of them work 40 weeks per year.
With the opportunity to trade, Silvia can trade all the computers she can produce per year if she specializes in producing computers, for ________ pounds of beef.
A. 3,000 B. 2,000 C. 6,000 D. 4,000