Which of the following would most likely serve as an example of a monopoly?
a. a restaurant in a large city
b. a dry cleaners in a large city
c. a local gas station
d. a local electrical company
d
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Suppose the U.S. economy is producing at the natural rate of output. An appreciation of the U.S. dollar will cause ________ in real GDP in the short run and ________ in inflation in the long run, everything else held constant
(Assume the appreciation causes no effects in the supply side of the economy.) A) an increase; an increase B) a decrease; a decrease C) no change; an increase D) no change; a decrease
The opportunity cost of holding a dollar is
A) a dollar. B) the price of a government bond. C) less than a dollar. D) the interest yield that could have been earned by holding some other asset.
The goal of the consumer is to
a. maximize utility. b. minimize expenses. c. spend more income in the current time period than in the future. d. All of the above are the goals of the consumer.
Producers:
A.) Provide dollars to the product market. B.) Purchase factors of production from the factor market. C.) Do not participate in the factor market. D.) Provide factors of production to the product market.