Related to the Economics in Practice on page 292: The smart phone industry is best characterized as
A. purely competitive.
B. a monopoly.
C. an oligopoly.
D. monopolistically competitive.
Answer: C
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The market supply of labor curve has a positive slope if higher wages induce households to choose
A) leisure rather than supplying labor in the labor market. B) supplying labor in the labor market rather than leisure. C) demanding labor rather than supplying it. D) None of the above answers is correct.
Which of the following best describes a policy of inflation targeting?
A) It's an inflexible rule that requires the central bank to always achieve a specified inflation rate. B) It allows monetary policy to focus on inflation and inflation forecasts except in the case of severe recession. C) It allows the central bank the flexibility of setting different inflation targets each year. D) It requires central banks to target current inflation rather than inflation forecasts.
According to the text, Israelis living on a kibbutz in Israel
a. leave the economic decisions to the economists on the kibbutz b. are adverse to profit-maximizing behavior c. shifted from manufacturing to farming in the 1960s d. behave according to the MC = MR rule e. act communally so do not let prices affect their decisions
?If a positive externality results from the consumption of higher education, then the marginal benefit students receive from education:
a. equals the marginal social benefit
b. is less than the marginal social benefit.
c. includes the marginal external benefit.
d. exceeds the marginal social benefit.