A form of industry structure characterized by a few firms each large enough to influence market price is
A. monopoly.
B. perfect competition.
C. monopolistic competition.
D. oligopoly.
Answer: D
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A personal exemption refers to
A) an amount representing basic living expenses that can be subtracted from income. B) the tax bracket that represents basic living expenses. C) the tax rate that applies to a particular tax bracket. D) a dispensation that allows certain qualifying individuals not to pay federal taxes.
If the random walk theory is correct, prudent investors could choose their stock portfolio by
A. throwing darts at the newspaper’s financial page. B. spending money to consult a stock forecaster. C. spending time analyzing past stock performance. D. not investing in stocks at all since price behavior is completely erratic.
Money functions as a store of value if it allows you to:
Delay purchases until you want the goods Measure the value of goods in a reliable way Increase your confidence in money Make exchanges in a more efficient manner
Marginal revenue product
A. eventually increases as labor input increases. B. increases when marginal product decreases. C. is calculated as the marginal product of labor divided by the price of output. D. measures the benefit to the firm from hiring an additional unit of labor.