When one firm sells a good or service that has no close substitutes and a barrier blocks the entry of new firms, what type of market is this?
A) perfect competition
B) only monopoly
C) oligopoly
D) only monopolistic competition
E) either monopoly or monopolistic competition
B
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Bonds are
A) promises to repay loans. B) promissory notes issued by partnerships. C) promissory notes issued by proprietorships. D) shares of ownership in a corporation.
An organizational form that is structured around basic business functions is called
A) M-form. B) U-form. C) a matrix. D) a network.
If a country's population increases while the supply of farmland is fixed, then farmland prices will most likely
a. decrease because people spend more money on food and have less to spend on rent b. increase because the marginal revenue product of food decreases c. decrease because farmers must cultivate less productive foods such as potatoes d. increase because the marginal revenue product of land increases e. stay the same because there is no relation between farm land prices and population
What is the velocity of money?
A) The rate at which GDP increases in a year B) The speed of capital accumulation C) The rate at which money circulates through an economy D) The rate at which the Federal Reserve increases or decreases the money supply E) The rate at which the aggregate price level increases