In what type of market is a cartel possible?
A) a market in which there are only a few firms and barriers to entry exist
B) a market in which firms sell a homogeneous good
C) a market in which firms sell a differentiated good
D) a market in which there are many firms
A
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By hedging with futures, buyers and sellers are eliminating basis futures price level risk and assuming level risk.
a. true b. false
If banks have no excess reserves, and the required reserve ratio is raised, the amount that banks can lend is:
A. reduced and the money supply contracts. B. reduced and the money supply expands. C. reduced and there is no change in the money supply. D. increased and the money supply expands.
Capitalism gets its name from the fact that capital resources are mostly:
A. Owned by the state or government B. Given the highest priority in the economy's income distribution C. Treated as private property D. In the form of money and financial resources
Which of the following assumptions is crucial to the classical macroeconomic model's assertion that the economy has built-in forces that automatically eliminate unemployment and quickly move the economy to its potential level of real GDP?
A. profit motive B. rigid wages and prices C. flexible wages and prices D. natural rate of unemployment