Knowing the number of firms in a market is the only information needed to identify the structure of that market
a. True
b. False
B
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Why are cartels among firms usually kept secret?
What will be an ideal response?
Setting a proper price is difficult in a nationalized industry because
a. costs will not be restricted by competitive pressures b. the government will have difficulty purchasing resources c. the government will have difficulty estimating demand for the product d. there is a consumer bias against government-supplied products e. government will not have access to relevant information
Which of the following effects provide incentives for consumers to spend less when the price level rises?
a. the wealth effect and the interest-rate effect b. the wealth effect but not the interest-rate effect c. the interest-rate effect but not the wealth effect d. neither the wealth-effect nor the interest rate effect
There is no relationship between the price level and which component of GDP?
A. C B. NX C. G D. I