A situation in which output decreases while prices increase is often referred to as:
A. inflation.
B. negative economic growth.
C. a recession.
D. stagflation.
Answer: D
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A monopolistically competitive firm:
A. sometimes distinguishes its output from that of its competitors by locating in a more convenient place. B. sells products that are perfect substitutes for its competitors' products, so must compete on the basis of location. C. sells products that are close substitutes for its competitors' products, so will locate as far away from its competitors as possible. D. will be more successful the more similar its output is to its competitors' output.
With capitalism, which of the following do market forces reward?
a. productivity and government ownership of resources b. underutilization and government ownership of resources c. productivity and private ownership of resources d. underutilization and private ownership of resources
Each cell of this table presents the revenues earned by the auction houses, Christie's and Sotheby's. Revenues are based on the type of commission each firm charges its clients, as well as what commission the other charges. Christie's revenues are listed first in each cell, then Sotheby's. Christie's dominant strategy is ______ commission and Sotheby's dominant strategy is ______ commission.
Fill in the blank(s) with the appropriate word(s).
One of the results of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 was:
A. an increase in the number of banks in the U.S. B. a decrease in the average size of banks. C. a decrease in commercial banks but an increase in the number of savings and loans and savings banks. D. a reversal of the branching restrictions of the McFadden Act.