Which of the following pairs of terms refer to the same thing?
a. "capital" and "physical capital"
b. "technological knowledge" and "human capital"
c. "standard of living" and "human capital"
d. "standard of living" and "productivity"
a
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A Herfindahl index of 5,000 would indicate:
a. a monopoly. b. a duopoly (two firms) with equal shares. c. an oligopoly with three firms. d. a monopolistically competitive industry. e. a perfectly competitive market.
A monopolistically competitive firm is currently charging a price of $10 and producing 12,000 units/month. It faces monthly fixed costs of $15,000 and has an average variable cost of $6/unit. In the long run, we would expect:
a. The firm to go out of business b. The price will rise and output will fall c. The price will fall and output will fall d. The price will fall and output will rise
U.S. unemployment as a result of freetrade agreements such as NAFTA
a. should be taken much more seriously, and workers should be offered assistance. b. is a temporary phenomenon to which the economy will adjust within a few years. c. results in a shift into lower productivity jobs such as hamburger flipping. d. results in a shift into lower productivity jobs such as hamburger flipping and is a temporary phenomenon to which the economy will adjust within a few years.
The AS/AD model with sticky prices predicts that, in the long run, a reduction of the money supply results in:
a. lower prices and lower output. b. no change in prices and lower output. c. lower prices and no change in output. d. no change in prices or output.