In competitive markets,
a. firms produce identical products.
b. buyers can influence the market price more easily than sellers.
c. markets are more likely to be in equilibrium.
d. sellers are price setters.
a
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Use the following diagram to answer the next question.
Which of the following would cause a move from MS1 to MS2?
A. The banking system decides to hold less excess reserves and make more loans. B. The federal funds rate increases. C. The discount rate is increased by the regional Federal Reserve banks. D. The Federal Open Market Committee decides to sell bonds.
The figure above shows the production possibilities frontiers for the United Kingdom and France. What is the opportunity cost of one bushel of wheat for the United Kingdom?
A) 1/4 of a pound of fish B) 1/2 of a pound of fish C) 1 pound of fish D) 200 pounds of fish E) 2 pounds of fish
Which of the following is not considered a barrier to entry into a monopoly market?
A. having a natural monopoly. B. ownership of a key resource. C. government intervention. D. an new product-type is offered.
When the tax rate is constant when a person's income rises, the tax is a:
a. regressive tax. b. poll tax. c. progressive tax. d. constant tax. e. proportional tax.