Which of the following is closest to a perfectly competitive market?
A) the computer software market
B) the market for handmade guitars
C) the market for broccoli
D) the market for athletic shoes
C
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If aggregate hours are 100 billion hours and labor productivity is $40 an hour, than real GDP equals
A) $100 billion. B) $40 billion. C) $100 trillion. D) $2.5 trillion. E) $4 trillion.
The percentage of property taxes collected by local governments is about _____
a. 15 percent b. 45 percent c. 75 percent d. 95 percent
One reason for having a monetary policy framework is:
A. it can make goal setting vague enough so that the central bankers can always claim success. B. it makes clear what specific goals the central bankers are pursuing. C. it provides leeway for central bankers to change their goals without communicating the change and disrupting financial markets. D. it provides central bankers the secrecy needed to perform their jobs effectively.
Selling the same product under different brand names allows a firm to price discriminate as long as
A) customers know the products are identical. B) customers do not know the products are identical. C) the products really are not the same. D) the firm lets customers know that the products are identical.