In the Cournot model of oligopoly, firms produce
a. the competitive quantity.
b. the monopoly quantity.
c. more than the monopoly quantity, but less than the competitive quantity.
d. less than the monopoly quantity.
c. more than the monopoly quantity, but less than the competitive quantity.
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If both the production of goods and services increase and prices rise, then the change in nominal GDP
A) definitely understates the change in production. B) definitely accurately reflect the change in production. C) definitely overstates the change in production. D) either understates or might accurately reflect the change in production. E) More information is needed to determine how the change in nominal GDP compares to the change in production.
The exchange rate is the price at which the ________ of one country exchanges for the ________ of another country
A) currency; goods B) goods; goods C) currency; currency D) currency; financial instruments
If a market is shared equally by 100 firms, the Herfindahl-Hirschman Index is
A) 1/100. B) 1/50. C) 50. D) 100.
Lucas and Sargent argue that the short-run trade-off between unemployment and inflation is caused by
A) workers and firms rapidly adjusting wages and prices in response to changes in expectations. B) workers and firms using all the information available to predict inflation. C) workers and firms being fooled by unexpected changes in monetary policy. D) workers and firms using Fed policy to predict inflation.