The term oligopoly indicates:
A. a one-firm industry.
B. many producers of a differentiated product.
C. a few firms producing either a differentiated or a homogeneous product.
D. an industry whose four-firm concentration ratio is low.
Answer: C
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Indifference curves close to the origin are ________ those farther from the origin because of ________
A) better than; transitivity B) worse than; nonsatiation C) better than; completeness D) worse than; transitivity
Holding other things constant, an appreciation of the US Dollar relative to the Chinese Yuan causes the demand for the Yuan to _____________ and the supply for Yuan to __________
a. Increase; decrease b. Increase, increase c. Decrease; Increase d. Decrease; Decrease
Suppose an LDC is producing on its production possibilities frontier such that it produces a subsistence level of consumption goods and enough capital goods just to replace the existing capital that depreciates. Foreign investment can lead to economic growth for this LDC in which of the following ways?
A. The LDC uses the investment to control inflation. B. The mere presence of more money in the economy will lead to economic growth. C. The LDC invests in consumption goods to move beyond the subsistence level this year. D. The LDC invests in additional capital such that the rate of capital formation exceeds the value of capital depreciated.
As price falls along a given demand curve for pretzels,
a. quantity demanded, total utility, marginal utility, and consumer surplus increase; consumer expenditure decreases b. quantity demanded, total utility, and consumer surplus increase; marginal utility and consumer surplus decrease c. quantity demanded, total utility, consumer surplus, and consumer expenditure increase; marginal utility decreases d. quantity demanded, total utility, and consumer surplus increase; marginal utility decreases; consumer expenditure might increase, decrease, or remain constant e. quantity demanded, total utility, marginal utility, consumer surplus, and consumer expenditure all increase