Which of the following is an example of a perfectly competitive industry?
a. Automobile
b. Advertising
c. Commodity
d. Pharmaceutical
c
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________ is said to exist when the formation of a regional trading group leads to the reduction of trade with nonmember countries in favor of member countries
A) Trade creation B) Trade diversion C) Trade exclusion D) Trade distortion
Elsie owns a dairy farm and Elmer is a baker. If Elsie trades butter and milk for some of Elmer's pies than: a. Elsie is the only one that gains from the trade
b. Elmer is the only one that gains from the trade. c. Elsie and Elmer are both made better off by the trade. d. Both Elmer and Elsie are made worse off by the trade.
Which of the following statements about oligopolies is not correct?
a. An oligopolistic market has only a few sellers. b. The actions of any one seller can have a large impact on the profits of all other sellers. c. Oligopolistic firms are interdependent in a way that competitive firms are not. d. Unlike monopolies and monopolistically competitive markets, oligopolies prices do not exceed their marginal revenues.
Given an upward-sloping aggregate supply curve, attempts to reduce unemployment through monetary policy will aggravate current inflation as illustrated by a:
A. Leftward shift of aggregate demand. B. Rightward shift of aggregate demand. C. Leftward shift of aggregate supply. D. Rightward shift of aggregate supply.