A market has the following characteristics: There is strategic decision making, output is somewhat restricted, there are few firms, and some long-run economic profits are possible. This market is:
A. perfectly competitive.
B. a monopoly.
C. monopolistically competitive.
D. an oligopoly.
Answer: D
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Refer to Scenario 10.1. The price of her product will be ________
A) 4 B) 22 C) 32 D) 42 E) 72
Economic systems differ according to which two main characteristics?
A. Who owns the factors of production and the methods used to coordinate economic activity.
B. The technology used in production and the quantity and quality of natural resources.
C. How goods are produced and who gets them.
D. The political system in place and the degree of scarcity facing the economy.
Which of the following is a part of GDP?
A. The value of a haircut B. The value of an old car purchased during a year C. The value of an existing house sold during a year D. The value of a homemaker's services
High oil prices tend to harm the auto industry and benefit oil companies; therefore, high oil prices are an example of:
A. systematic risk. B. neither systematic nor idiosyncratic risk. C. both systematic and idiosyncratic risk. D. idiosyncratic risk.