Monopolistically competitive markets are different from perfectly competitive markets because in monopolistically competitive markets firms:
A. have some control over price, while in perfectly competitive markets firms have no control over price.
B. face substantial barriers to entry, while in perfectly competitive markets firms face no significant barriers to entry.
C. have no control over price, while in perfectly competitive markets firms have some control over price.
D. sell a standardized product, while in perfectly competitive markets firms sell a differentiated product.
Answer: A
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A key international institution that plays an important role in exchange rate determination is the
A) U.S. Currency Board. B) European Central Bank. C) World Bank. D) International Monetary Fund.
The typical family on the Planet Econ consumes 10 pizzas, 7 pairs of jeans, and 20 gallons of milk. In 2016, pizzas cost $10 each, jeans cost $40 per pair, and milk cost $3 per gallon. In 2017, the price of pizzas went down to $8 each, while the prices of jeans and milk remained the same. Between 2016 and 2017, a typical family's cost of living:
A. remained the same. B. decreased by 20 percent. C. increased by 4.5 percent. D. decreased by 4.5 percent.
What is the marginal net benefit of producing the twentieth unit?No. units producedTotal RevenueTotal Costs000101204020200100302701704031026050330370
A. -2 B. -5 C. 2 D. 8
According to the traditional Keynesian analysis, if the government increases spending by $20 million, then
A. consumption will decrease, and so total expenditures will increase by less than the $20 million. B. consumption will remain the same, and so total expenditures will increase by exactly $20 million. C. consumption will increase, and so total expenditures will increase by more than $20 million. D. consumption will increase or decrease, and so total expenditures will increase or decrease depending on the change in consumption.