A difference between biology and economics is that
A) economists use models and biologists use theories.
B) biologists often use laboratory experiments and economists do less often.
C) economics explains events while biology predict events.
D) biologists use the scientific method while economists do not.
Answer: B
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An economy operating its plant and equipment at full capacity implies a capacity utilization rate of
A. 40 percent. B. 70 percent. C. 85 percent. D. 100 percent.
An industry is likely to be an increasing-cost industry when
a. all firms are identical. b. it represents a negligible fraction of the total demand for inputs. c. industry expansion permits the development of supporting subindustries. d. some firms are more efficient than others.
The cartel of oil-producing nations (OPEC) once controlled about 80% of the world petroleum market, but OPEC's market share has declined to about half of its former level. This outcome is a good example of how firms may have:
A) relatively high short-run monopoly power that strengthens in the long run. B) relatively high short-run monopoly power that declines in the long run. C) relatively low short-run monopoly power that strengthens in the long run. D) relatively low short-run monopoly power that declines in the long run.
The percentage change in the price level from one period to another is called
a. the growth rate. b. the inflation rate. c. the GDP deflator. d. the unemployment rate.