The economic term for a firm that is the sole buyer in a market is:
A. monopsonist.
B. monopolist.
C. bilateral competitor.
D. bilateral monopolist.
Answer: A
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Other things being equal, an increase in the price of a good leads to an increase in the amount produced. This is known as
A) the law of demand. B) the law of supply. C) ceteris paribus. D) equilibrium.
The change in total profit when a firm increases its output by one unit equals
a. total revenue minus total cost b. total revenue minus marginal revenue c. marginal revenue minus marginal cost d. total revenue minus marginal cost e. marginal revenue plus marginal cost
A common criticism of central banks in developing nations led by despotic dictatorships is that they lack
A. independence of political influence. B. corruption. C. an understanding of economics. D. control by political parties.
If economic data reveals that inflation is rising, the Fed:
A. does not need to know the state of real GDP growth in order to justify increasing the growth rate of the money supply. B. may increase the growth rate of the money supply without really knowing the state of real GDP growth. C. may reduce the growth rate of the money supply without really knowing the state of real GDP growth. D. will also at that time know the state of real GDP growth and can respond accordingly.