A market situation where a small number of sellers compose the entire industry is called:
a. monopolistic competition.
b. monopoly
c. oligopoly.
d. perfect competition.
c
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The 2012 box office receipts for the movie The Avengers were $1,515.8 million. By way of comparison, the 1977 receipts for Star Wars were $798.0 million. If the Consumer Price Index was 60.6 in 1977 and 229.6 in 2012, which of the following is true?
a. The real receipts of The Avengers were almost four times greater than those for Star Wars. b. The real receipts of Star Wars were nearly two times greater than those for The Avengers. c. The real receipts of The Avengers were one-third of those for Star Wars. d. The real receipts of Star Wars were about 33 percent greater than those for The Avengers.
For a firm that wants to remain in business, which of the following costs could be avoided if it halted current production?
a. fixed costs b. variable costs c. sunk costs d. implicit costs
Costumarily, economists classify resources in to these major groups:
What will be an ideal response?
Critics of economic growth:
A. contend that growth and industrialization reduce pollution. B. point out that growth results in greater economic security for workers. C. argue that economic growth does not resolve socioeconomic problems such as an unequal distribution of income and wealth. D. say that its benefits accrue nearly exclusively to white males.