Easy entry of new firms is not a characteristic for ________ industries.
A. oligopolistic and monopolistic
B. monopolistic and perfectly competitive
C. monopolistically competitive and oligopolistic
D. perfectly competitive and monopolistically competitive
Answer: A
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Refer to the table above. The nominal value of the minimum wage in 2011 was
A) $2.00 per hour. B) $3.63 per hour. C) $5.62 per hour. D) $7.25 per hour.
The observation that countries with high rates of population growth don't have higher per capita income ________
A) suggests that the Solow model is unrealistic B) implies that technology doesn't work as well in countries where the population is growing rapidly C) is not supported by most empirical studies D) is consistent with the Romer model as applied to the world as a whole
The opportunity cost of producing a bicycle refers to the:
a. out-of-pocket payments made to produce the bicycle. b. value of the goods that were given up to produce the bicycle. c. bicycle's retail price. d. marginal cost of the last bicycle produced.
As opposed to general equilibrium analysis, partial equilibrium analysis looks
A) at an equilibrium and changes to it in a single, isolated market. B) at how changes in all other markets effect a particular market. C) at how equilibrium is determined in all markets simultaneously. D) at either price or quantity movements.