The United States is considered by the Institute for Management Development to be the most competitive economy because
A) U.S. residents are willing to work harder than anyone else is.
B) of widespread entrepreneurship.
C) of a high saving rate.
D) of selected restrictions on imports from Japan and Europe.
Answer: B
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Assume the firms in an oligopoly produce a differentiated product and are initially colluding
If each firm begins to cheat (to increase sales) by underpricing the other firms, as the amount of cheating increases, the resulting industry price and output will approach the outcome for: A) perfect competition. B) monopolistic competition. C) noncooperative monopoly. D) noncooperative oligopoly.
Excess quantity demanded may result from
A) a government-imposed minimum price above market equilibrium. B) a government-imposed maximum price below market equilibrium. C) an oversupply of output. D) technological progress.
Which of the following is a public good created by the market?
a. Broadcast radio b. Tornado sirens c. Street lights d. Cable television
One theory discussed in the textbook is that there is a direct relationship between the opportunity cost of having children and the number of children a woman will have
Indicate whether the statement is true or false