In the 1990s, many people had rising incomes. At the same time, there was a rise in cost of wood. Holding other factors constant, the demand for houses_________ and the supply for houses_________
a. Increase, increase
b. Increase, decrease
c. Decrease, increase
d. Decrease, decrease
b
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What determines the demand for loanable funds and what makes it change?
What will be an ideal response?
Which of the following groupings correctly represents the Four Tigers (or Four Dragons)?
A) Thailand, China, Japan, and Malaysia B) Hong Kong, Singapore, South Korea, and Taiwan C) Japan, Hong Kong, Thailand, and Malaysia D) South Korea, China, the Philippines, and Japan E) Singapore, Malaysia, Indonesia, and India
Which statement about competition is true?
A. To have competition, no firm is large enough to have any influence over price. B. There is little competition between firms in the United States. C. The American automobile industry would be considered competitive if there were at least four firms in the industry. D. There is no competition in American industry.
Legal or governmental restrictions that give monopolistic advantages to a firm include all of the following EXCEPT
A. franchises. B. environmental protection. C. patents. D. exclusive ownership of an unimportant resource.