The outputs of an oligopolistic industry
A. can be homogeneous or differentiated.
B. must be at high levels so that price exceeds average total cost.
C. have no substitutes on the market.
D. always have excise taxes imposed on them.
Answer: A
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The minimum supply-price is the same as
A) marginal cost. B) market price. C) producer surplus. D) profit.
Immediately following a business cycle "peak" comes a
A) "trough." B) "recession." C) "expansion." D) "recurrence."
When the Fed makes a discount loan, the impact on the Fed's balance sheet will reflect:
A. a decrease in assets and liabilities. B. an increase in assets and a decrease in liabilities. C. no change in liabilities but an increase in assets. D. an increase in assets and liabilities.
The single largest expenditure component in GDP is
A. government spending. B. investment. C. net exports. D. consumption.