An oligopoly is a market
a. with few buyers.
b. with one buyer.
c. dominated by a few sellers.
d. under the control of a few politically powerful individuals.
c
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An economy in which government bureaucracy decides how much of a good to produce, how to produce the good, and who gets the good is known as a
A) centrally planned economy. B) market economy. C) mixed economy. D) laissez-faire economy.
The production possibilities frontier can be used to show all of the following except one. Which is the exception?
a. scarcity b. opportunity cost c. the law of increasing opportunity cost d. efficiency e. the best combination of goods and services for an economy
(Last Word) The Assistant U.S. Attorney General in charge of prosecuting financial crimes did which of the following in response to HSBC bank's years of money laundering and helping firms and individuals cheat on their taxes?
A. Imposed fines on HSBC and prosecuted key executives so as to diminish moral hazard in the financial services industry. B. Filed an antitrust lawsuit so as to break up HSBC without disrupting the financial system. C. Imposed only modest fines on HSBC so as not to destabilize the bank and the financial system. D. Imposed sanctions based on the provisions of the 2010 Wall Street Reform and Consumer Protection Act.
In 1934, the President was given the authority to reduce United States tariffs up to 50 percent provided other nations would also reduce their tariffs under the:
A. Underwood Tariff Law B. Smoot-Hawley Tariff Act C. Reciprocal Trade Agreement Act D. General Agreement on Tariffs and Trade