Which of the following is the closest example of a perfectly competitive industry?
A. convenience stores
B. alfalfa
C. cigarettes
D. casual dining restaurants
Answer: B
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A typical economy produces thousands of different goods. Is it accurate to say that society faces a production possibilities frontier?
A. No, because two dimensions cannot capture the complexity of a full economy. B. No, although a graph with several thousand dimensions would be appropriate. C. Yes, although society does not face opportunity cost and the model does not apply. D. Yes, because scarcity always imposes opportunity costs. E. Uncertain, economic theory has no answer to this question.
The Antitrust Division of the Department of Justice ________ file criminal suits and the Federal Trade Commission ________ file criminal suits.
A) cannot; can B) can; can C) can; cannot D) cannot; cannot
Transfer payments are payments that are:
A. made to firms in order to transfer goods and services to the government. B. payments made to households that can then be spent by the households. C. made in market transactions in order to get the seller to transfer the goods or services to the buyer. D. made in order to obtain public goods or services.
The longest term security sold by the US is the:
A. Treasury notes. B. certificate of deposit. C. Treasury bills. D. Treasury bonds.