Refer to Table 7.1. As labor inputs increase from 5 to 6, output
A) increases by 98 units. B) increases by 16 units.
C) increases by 12 units. D) increases at a negative rate.
C
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In a Cournot oligopoly, if the demand curve is not linear, the firms' best-response curves ________ be downward sloping and ________ be linear.
A) will not; will not B) will; will C) will; will not D) will not; will
The purchasing power of the average person in the world today is:
A. more than 30 times as high as it was 200 years ago. B. more than 20 times as high as it was 300 years ago. C. is about the same as it has been during the last two centuries. D. has increased steadily over the last two centuries.
An example of an oligopoly is: a. the restaurant industry. b. the wheat market
c. the cigarette industry. d. the beef industry.
In 2002, President Bush enacted a 30 percent tariff on imported steel. The primary beneficiaries of this tariff were
a. U.S. steel companies and employees. b. U.S. automobile companies and employees. c. foreign steel companies. d. foreign steel workers. e. both a and b above.