In a bilateral monopoly with one buyer and one seller, the monopoly power of the seller and the monopsony power of the buyer tend to:
A) reinforce one another.
B) counter-act one another.
C) favor the buyer.
D) favor the seller.
B
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A trough in the business cycle occurs when
A. the inflation rate is at its lowest level. B. the natural rate of unemployment is at a minimum point. C. cyclical unemployment is at a minimum point. D. employment and output reach their lowest levels.
Which of the following situations describing a resource allocation method most resembles the force method?
A) Seventy percent of Austin's chess club wanted to purchase new chess sets and thirty percent did not. The club purchased the sets. B) Lattes are sold at Starbucks. C) Food from the Weld County Food Bank is distributed to families in need. D) Mandy saved her allowance to buy a 12 pack of cream soda. When Mandy's brother saw the soda, he took four. E) Jose works at Intel. His manager tells him what work needs to be completed each month.
A measure by which prices are expressed is a(n)
A. medium of exchange. B. unit of accounting. C. store of value. D. standard of deferred payment.
In an economy experiencing a persistently falling price level:
A. potential GDP will necessarily exceed actual GDP. B. changes in nominal GDP may either overstate or understate changes in real GDP. C. changes in nominal GDP understate changes in real GDP. D. changes in nominal GDP overstate changes in real GDP.