Examples of public goods include national defense, police, and the U.S. Postal Service
a. True
b. False
Indicate whether the statement is true or false
False
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A high four-firm concentration ratio implies
A) an absence of product differentiation. B) a presence of product differentiation. C) an absence of competition. D) a presence of competition.
If the wage rate paid in the fast-food outlets in a small town is greater than the reservation wage of all the teenagers in the town and less than the reservation wage of all the adults, then the fast-food outlets will hire ________
A) mostly adults and a few teenagers B) some adults and some teenagers C) only adults D) only teenagers
Significant economic growth did not begin in the world until
A) 1000 A.D. B) 1750 A.D. C) 1820 A.D. D) the 20th century A.D.
In the ________ zone, movement in AD to the right will increase both the output level and the price level, while a movement in AD to the left would decrease both the output level and the price level.
a. Keynesian b. neoclassical c. intermediate d. equilibrium