Which of the following is a characteristic of a monopoly?
a. low fixed costs as a portion of total costs
b. free entry and exit
c. barriers to entry
d. declining marginal cost
c
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Which of the following may result in a higher equilibrium price for a product?
a. Advertising b. Expectations c. Imperfect information d. All of the above answers are true. e. None of the above answers a.-c. are true.
All else equal, if there are diminishing returns, then what happens to productivity if both capital and labor increase?
a. Productivity will definitely fall. b. Productivity will definitely be unchanged. c. Productivity will definitely rise. d. None of the above are necessarily correct.
10% of the total food grains produced in a country during a year got damaged due to poor storage. Which of the following will happen in this case?
A) Imports will fall. B) Trade surplus will increase. C) GDP will remain unchanged. D) GDP will decrease.
Keynesians and monetarists share the belief that
a. recessions are caused by falls in aggregate demand. b. the demand for money is stable. c. excess demand is a chronic problem in modern economies. d. the Federal Reserve is responsible for most recessions. e. stabilization policy is beneficial.