When judging the competitiveness of markets by the size and number of firms in that market, one is using the:
A. "judgment by antitrust" criteria.
B. "judgment by structure" criteria.
C. "judgment by performance" criteria.
D. "judgment by merger" criteria.
Answer: B
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The following statements about the business cycle are correct except ______
A. it is a regular predictable cycle in real GDP around potential GDP B. from the peak to the trough, the economy is in a recession C. from the trough to the peak, the economy is in an expansion D. it is a periodic movement in economic activity including employment
In the complete algebraic formulation of ISLM,
A) the government spending multiplier is greater than the tax mulitplier as long as b <1. B) the government spending mulitplier is less than the tax multiplier as long as b<1. C) monetary policy is always more powerful than fiscal policy. D) fiscal policy is always more powerful than monetary policy.
As methods of economic organization, the market and the public sector are similar in which of the following ways?
a. Income and power are distributed equally in both sectors. b. In both sectors, economic activity is undertaken only when it satisfies the criterion for economic efficiency. c. In both sectors, economic exchange is completely voluntary. d. Someone must cover the cost associated with the provision of scarce goods in both sectors.
Karl Marx believed the central figures in an industrial economy were the
A. labor union leaders. B. heads of the ruling political party. C. capitalists. D. stock market speculators.