All monopolies exist because of:
a. firms' desire to maximize profits.
b. failure of antitrust laws.
c. barriers to entry.
d. natural selection.
c
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Scarcity can be eliminated by
A) abolishing competition. B) abolishing capitalism. C) abolishing money. D) all of the above. E) none of the above.
If there is 2 percent frictional unemployment, 3 percent structural unemployment, and 1 percent cyclical unemployment, then the natural rate of unemployment equals:
A. 3%. B. 6%. C. 4%. D. 5%.
According to economists, different kinds of shocks to the economy could be responsible for the variations in real output and employment over time. These shocks include:
What will be an ideal response?
The following table reports transactions that occurred in Whoville. Nominal GDP in Whoville is ________
Item Price per Unit Quantity Bottles of French Wine $20 10 Boxes of Cereal $4 20 Used Tires $15 5 Shares of Twitter Stock $10 15 Hours of Swimming Lessons $5 8 A) $320 B) $545 C) $120 D) $395 E) $195