Answer the following statements true (T) or false (F)
1. Forms of imperfect competition include monopoly, oligopoly, and monopolistic competition.
2. Oligopsony refers to a market in which there are a few buyers.
3. Monopsonistic competition is a market in which there are only a few sellers but each offers different conditions to sellers.
4. The rule of reason applies to antitrust activity.
5. The Clayton Act brought labor unions under the jurisdiction of the antitrust laws.
1. TRUE
2. TRUE
3. FALSE
4. TRUE
5. FALSE
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Which of the following best describes a monetary policy tool?
A. interest rates B. taxes C. household savings D. government spending
Omar and John can fix computers or write computer programs. The table above shows the number of computers they can fix and the lines of code they can write in a day
a. Who, if anyone, has the absolute advantage? b. Who has the comparative advantage in fixing computers? Why? c. Who has the comparative advantage in writing programs? Why?
A manager invests $400,000 in a technology that should reduce the overall costs of production. The company managed to reduce their cost per unit from $2 to $1.85 . After the investment has been made, the $400,000 investment is
a. Considered sunk costs, not relevant in further decision making b. Considered sunk costs, but still relevant in further decision making c. Considered a loss d. Considered a profit
Changes in business inventories are:
A. classified as government purchases. B. classified as investment expenditures. C. excluded from GDP. D. classified as consumption expenditures.